The Minister of Finance has recently adopted new Rulebook on VAT that will be in force from 1 January 2018 and will apply to all VAT payers.
The main change imposed by the Rulebook is the new report that must be filed together with the VAT return. Both, the content and the form of the report are strictly prescribed. Effectively the report connects individual transactions from the VAT evidence with the VAT return. This report is very similar to SAF-T requirements in certain countries.
The other important change that is brought by the new Rulebook is more detailed and comprehensive VAT evidence and records.
The consequence of these two changes is that ERP systems or other systems taxpayers use to generate data for VAT filing purposes would require amendments in order to enable:
More detailed requirements at the level of individual transaction for the purpose of VATrecords keeping; Generating new report that will match both data in VAT records and VAT return.
Notwithstanding the fact that taxpayers will incur additional costs associated with the adjusting and localization of ERP or other systems they use, proper set-up of new requirements will contribute to better control over VAT compliance and, in this respect, will provide more comfort in the area of taxpayers’ VAT position.
Given that the new rules will be applicable in less than two months and that respective changes in systems require time, taxpayers should initiate appropriate changes without delay.
PwC is best placed to assist you with the above challenges as it has a core team of experienced consultants who would support you across the different aspects of new requirements, both tax and system related (including preparation of IT system requirements and further communication with your internal IT department or external vendors).
We are more than happy to meet with you and discuss how these changes impact your business and the way we can support you.
Partner, Tax and Legal services, PwC Serbia
Tel: +381 11 3302 100
Senior Manager, Tax Services, PwC Serbia