After the enactment of the Value Added Tax Code, and given the need to complement some of its provisions, the Value Added Tax Code Regulations ("VAT Code Regulations") were published by means of Presidential Decree No. 180/19, of 24 May 2019.

The VAT Code Regulations establish the rules applicable to VAT reimbursement and refund, while also creating, in the General Accounting Plan and in the Chart of Accounts for Insurance Companies, the Code of Accounts covering the accounting of operations related to this tax. The nomenclature and the rules for the operating of accounts should also be incorporated into the Accounting Standardization and Financial Reporting System.

The VAT Code Regulations enter into force on the same day as the VAT Code, i.e. 1 July 2019.

The list of taxpayers registered with the Large Taxpayers Office is now available on the website of the General Tax Administration (“AGT”). These taxpayers will automatically fall under the general VAT regime. However, the AGT advises that falling under the general VAT regime does not rule out the obligation to file the declaration of commencement of activity for VAT purposes by the end of August 2019.

Should you wish to receive an overview of the VAT and Excise Tax Codes, copy of the Codes and/or English translations thereof, please contact:
[email protected]