About 50,000 small businesses across the country will no longer pay Value Added Tax starting January 1 next year, when the government's decision to exempt these entities from this tax takes effect.
With the increase of the threshold, this tax will be paid by all businesses that have an annual turnover of up to 10 million ALL, from the current 2 million.
According to Taxes, the declaration and payment for VAT will be made within the 14th of each month, while on a monthly basis will be declared the books of sale and purchase within the 10th of the following month.
For taxpayers who have realized an annual turnover for 2020 that does not exceed the new threshold of 10 million ALL will be automatically deregistered from the system within this year.
But, this does not apply to all taxpayers, as according to the procedures published by the Taxes the deregistration of some of the entities will be done online on the e-filing platform manually by themselves.
This includes taxpayers who have made at least one import during 2020 or those who result in passive status by the end of this year, where their deregistration from VAT liability will be done through defined procedures, following the notice instructions that will go to each of them.