Until 31 October 2014 VAT taxable person could adopt the Cash Accounting Scheme for VAT, with effects on 1 January 2015.

It can be adopted by taxpersons that have not reached on 2013 a turnover for VAT higher than 500,000 EUR, do not have exclusively an activity referred in article 9 of the VAT Code and are not covered by the exemption of article 53 or by the small retailers regime of article 60 of the VAT Code.

For additional information regarding the Cash Accounting Scheme for VAT please consult our Legal Update 9.