As announced, at the beginning of August, a draft amendment to the VAT Act was published on the website of the Government Legislation Center under the so-called the SLIM VAT 3 package, which has been publicly consulted.
Most of the proposed changes are to apply from January 1, 2023.
The final wording of the regulations is still subject to some modifications. However, the direction of the planned changes and the main assumptions of the Ministry are already known at this stage.
The proposed simplifications include, among others:
- increasing the sales value limit (including the tax amount) entitling to the status of a small taxpayer from EUR 1.2 million to EUR 2 million.
Thanks to this change, a larger group of taxpayers will be able to use the cash method and quarterly VAT settlement.
- regulating the rules of applying the conversion rate for corrective invoices.
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Source MDDP
