The Ministry of Public Finances published on Friday, August 18th, an updated version for the split VAT payment regulation. According to the new draft bill, the introduction of the split VAT system is postponed, while sanctions for the companies will be softened. After extensive consultation with businesses, trade unions, professional associates, and the Committee for Social Dialogue, the Ministry of Public Finances decided to make some improvements to the draft bill on split VAT payment. The most important changes are:
The postponement of the introduction of the optional split VAT payment from September 1st to October 1st
The extension of the implementation time frame from one to three months, respectively from October 1st to December 31st
The postponement of the compulsory split VAT payment from October 1st, 2017 to January 1st, 2018...