The draft law of the Ministry of Economy and National Finance entitled “Value Added Tax Code” was submitted to the Assembly of the Republic.
The proposed draft Code constitutes a codification of the provisions governing Value Added Tax (VAT) in terms of its overall content (scope of application, taxable operations and place of their carrying out, origin of the tax obligation, taxable value – basis of taxation and calculation, exemptions, tax deduction and refund, debtors and their legal obligations, special regimes, etc.).
The aim of the draft law is “to update and improve the quality of the VAT regulatory framework, such that the implementation of the relevant provisions is carried out in a secure legislative environment, for the convenience of both implementers and interpreters of the law (Administration and Courts ) and taxpayers.”
The competent parliamentary finance committee will begin processing the project next Monday.