Resolution No. 201-10011 of October 20, 2021 (hereinafter the “Regulations”) implements a Report on sales and provision of services through Form No. 1027.
The General Directorate of Revenue deems the adoption of a new form is necessary to guarantee the necessary means for taxpayers to comply with the adequate reporting of their obligations while also contributes to the optimization of any examination process of a particular taxpayer or between taxpayers. In light of the above, they have adopted a new report on the sale of goods and provision of services of the Tax on the Transfer of Movable Property and Provision of Services – ITBMS (VAT) on Form No. 1027 (hereinafter the “Report”).
This report must be submitted by those natural and legal persons who are required to file an Income Tax Return and who have received gross income equal to or greater than One Million Dollars (USD$ 1,000,000.00) and/or owns assets on the same date are required to submit the Report. totals for an amount equal to or greater than Three Million Dollars (USD $ 3,000,000.00) in the fiscal period prior (annual) to the current where the form must be made.
The Regulations requires the submission of the Report as of February 1, 2022 considering:
– The first presentation must include the required information corresponding to the previous month, starting with the operations of January 1, 2022.
– The Report must be submitted monthly, no later than the last business day of the month following the reporting period. If the date coincides with a non-business day, the term will be extended until the next business day.
This Regulation will take effect on January 1, 2022.
Any questions regarding the implementation of the Regulations, how to complete the Report, its modification and the consequences for omission in the presentation, please do not hesitate to contact us to provide you with comprehensive advice tailored to your needs.