The Ministry of Finance
gets tough on VAT

Taxpayers have to disclose detailed information

Starting January 2015, the Ministry of Finance will refuse any exemption from the Value Added Tax (VAT) or any application to recuperate this tax, if the taxpayer does not have a receipt of the money or the services acquired from another person, subject to the tax, and which contains the information stated in article 38 of the VAT law and article 113 of the tax measures law.

The MoF took this decision to ensure that all taxpayers of the VAT abide completely by the obligations stipulated in the above-mentioned articles, which concern the disclosure of related information.

VAT taxpayers should provide: name, address and registration number of the money source or service provider, the name and address of the person for whom the bill is issued, in addition to his/her tax number unless he is a final consumer.

Information should also cover the purpose of the money delivery or service provided, the serial number and date of the bill, the due amount to be delivered or services to be provided, the due tax in addition tax rate applied.