President enforced the new amendments to the law on value-added tax

The President of Estonia recently announced that the new amendments to the law on value-added tax will be enforced as of 01.november 2014.  Companies now have less than 6 months to get ready for the changes.

Some of the more significant changes are as follows :

– As of 01.november 2014 together with the declaration of monthly VAT, there will be an mandatory annex where one has to fill in the details of :

• all invoices exceeding 1000 eur ;

• all monthly invoices per one client exceeding 1000 eur (ie. for example 2 invoices of 500 eur and 600 eur are over 1000 eur per month and therefore have to be listed aswell) .

More details to follow.