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How are VAT amounts paid for agricultural products calculated?
How are VAT amounts paid for agricultural products calculated?
The enterprise is engaged in the retail sale of agricultural products. Starting from January 1, 2022, provisions were added to the Tax Code for a period of three years regarding the calculation of VAT based on the trade markup during the wholesale and retail sale of agricultural products. Since the validity period of this amendment has expired, does this mean that VAT must now be applied to the full value of agricultural products during retail sales?
According to the State Tax Service under the Ministry of Economy, under the amendment to the Tax Code that comes into force on January 1, 2025, the provisions concerning the calculation of VAT based on the trade markup for the wholesale and retail sale of agricultural products, the requirement to formalize the purchase of such products, and the non-recoverability of VAT paid for agricultural products have been extended for an additional two years starting from January 1, 2025.
The enterprise is engaged in the retail sale of agricultural products. Starting from January 1, 2022, provisions were added to the Tax Code for a period of three years regarding the calculation of VAT based on the trade markup during the wholesale and retail sale of agricultural products. Since the validity period of this amendment has expired, does this mean that VAT must now be applied to the full value of agricultural products during retail sales?
According to the State Tax Service under the Ministry of Economy, under the amendment to the Tax Code that comes into force on January 1, 2025, the provisions concerning the calculation of VAT based on the trade markup for the wholesale and retail sale of agricultural products, the requirement to formalize the purchase of such products, and the non-recoverability of VAT paid for agricultural products have been extended for an additional two years starting from January 1, 2025.