The VAT deduction process, especially for real estate, financial, and holding entities, has undergone significant changes. New specific annual information submission requirements have been introduced for mixed and partial VAT payers using the real-use deduction method, necessitating submissions through the Intervat system. The required information for 2024 includes percentages of VAT for full deduction operations, no deduction operations, mixed operations, and any special prorata percentages. Due to the complexity of these calculations, the Minister of Finance has extended the submission deadline for 2024. Quarterly and monthly filers have been given extended deadlines, and taxable persons are allowed to submit estimated figures in the initial declaration but must report accurate final figures in subsequent periodic VAT declarations.
Source PwC
