Russia simplifies VAT invoices
Russian VAT registered businesses will no longer have to provider consumers with full VAT invoices from 1 October 2014.
Russian VAT invoices must be provided within 5 days of the provision of the service or goods. Under the Russian tax code, the basic information on the invoice should include:
- Name and address of supplier and customer
- A unique, sequential VAT number
- Payment details, including staggered payment agreements
- Price and supporting calculations of goods or services
- VAT rate and excise amounts
- Calculation of VAT amount, and gross cost with VAT
- For imports, details of country of origin and a reference to the appropriate tax return
From 1 October 2014, in addition to not having to provide non-registered tax payer with VAT invoices, there will be no requirement for VAT exempt activities.
This change will require the approval of the taxpayer.