Requirement for New Items in Tax Invoice,
Credit Note and Debit Note is Postponed
In May 2013, the Notifications of the Director-General of the Revenue Department were prescribed to require a VAT registrant to include the additional items on a tax invoice, a credit note and a debit note. Initially, effective date for this requirement is from January 1, 2014 and thereafter. Now the department postpones the effective date of the new requirements to January 1, 2015. Read more to understand how it impact your accounting documentation.
2. Tax Exemption for Reserve Funds of Merger or
Entire Business Transfer between Life and
General Casualty Insurers, Commercial Banks,
Finance Companies or Credit Fonciers
Companies
In order to support the merger and the entire business transfer between life insurers, general casualty insurers, commercial banks, finance companies or credit foncier companies, the Royal Decree is enacted to exempt CIT on the reserve fund made under the life insurance law, the general casualty insurance law or the financial institution law.
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