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How is the VAT registration threshold determined?
How is the VAT registration threshold determined?
Please provide information regarding the turnover threshold required for mandatory VAT registration.
The State Tax Service under the Ministry of Economy has stated that, in accordance with Article 155.1 of the Tax Code, persons engaged in entrepreneurial activity whose volume of taxable transactions exceeds 200,000 manats in any month(s) of a consecutive 12-month period, including those engaged in public catering activities who do not exercise the right provided under Article 218.1 of the Tax Code, are required to submit an application for VAT registration within 10 days from the first day of the following month.
When determining the volume of taxable transactions, the taxpayer’s turnover generated from retail trade and services provided to persons not registered with the tax authority, based on cashless payments made via POS terminals, is taken into account with the application of a coefficient of 0.5.
It was additionally noted that persons engaged in entrepreneurial activity who are not required to register for VAT may also voluntarily apply for VAT registration with the tax authority.
Basis: Article 155 of the Tax Code.
Please provide information regarding the turnover threshold required for mandatory VAT registration.
The State Tax Service under the Ministry of Economy has stated that, in accordance with Article 155.1 of the Tax Code, persons engaged in entrepreneurial activity whose volume of taxable transactions exceeds 200,000 manats in any month(s) of a consecutive 12-month period, including those engaged in public catering activities who do not exercise the right provided under Article 218.1 of the Tax Code, are required to submit an application for VAT registration within 10 days from the first day of the following month.
When determining the volume of taxable transactions, the taxpayer’s turnover generated from retail trade and services provided to persons not registered with the tax authority, based on cashless payments made via POS terminals, is taken into account with the application of a coefficient of 0.5.
It was additionally noted that persons engaged in entrepreneurial activity who are not required to register for VAT may also voluntarily apply for VAT registration with the tax authority.
Basis: Article 155 of the Tax Code.