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For the majority of companies, the end of the year is the time when the financial and accounting personnel exert in order to close and settle the year. Most often, this is also the time for analysing and preparing for the newly introduced law changes that will come into force on January 1.

In 2013 – based on the so-called deregulatory laws – in case a company fails to settle its invoiced liabilities within a given deadline, an obligatory correction of input VAT was introduced followed by the obligatory correction of tax-deductible costs. Significant changes were introduced by means of the amendments to the invoicing regulation. Both the deregulatory laws and the invoicing regulation, require significant adjustments of the financial and accounting IT solutions. Further changes shall come into force on April 1, 2013 and the true revolution on January 1, 2014.

What is important is that the changes to the VAT laws are so extensive and relate to so many aspects that it may be extremely difficult to fully comprehend and seize the scope of the amendments. The tax advisors of Garrigues are ready to guide you through the thicket of the new and amended provisions, establish the actual scope of newly introduced regulations relevant for your business activity and advise on the applicability of the new laws for your company.