On 26 August 2020, new guidance has been published through General Resolution 4796/2020 on the electronic registration and reporting regime for sales, purchases, exports on the one hand and imports of goods and services for value added tax (VAT Portal) purposes on the other.
The guidance is aimed at simplifying VAT registration and monthly affidavit reporting by providing threshold amounts to determine compliance.
What are the registration deadlines?
In this sense, the obligation of electronic registration of operations is established through the generation and presentation of the “Digital VAT Book” in accordance with the following schedule. The reporting date depends on the nature registry. There are four different registered groups with differing deadlines:
- For persons registered in the value added tax notified regarding their inclusion, at the Electronic Tax Address: from the month following the notification.
- For managers registered in the value added tax not included in the previous point, who are obliged to present the Purchasing and Sales Information Regime provided for in General Resolution No. 3,685 and its amendments, prior to the 1st of October 2019, and have carried out operations (taxed, exempt and not taxed) declared in the tax during calendar year 2018 for a total amount net of taxes and fees:
- Equal to or less than $ 500,000: from the period June 2020.
- More than $ 500,000 and less than or equal to $ 2,000,000: as of the July 2020 period.
- More than $ 2,000,000 and less than or equal to $ 5,000,000: as of the September 2020 period.
- More than $ 5,000,000 and less than or equal to $ 10,000,000: as of the October 2020 period.
- Greater than $ 10,000,000: from the November 2020 period.
- For the rest of those responsible registered in the value added tax: as of the December 2020 period.
- For those responsible for exempt from value added tax: from the period January 2021.
These regulatory changes could affect your business with view to customizing or support of your ERP/SAP system. Please contact us to learn about possible necessary reactions to the changes – we are happy to assist you!