President Ilves proclaims controversial VAT law amendments

21.05.2014, 10:56

Estonian President Toomas Hendrik Ilves yesterday promulgated the amendments to the Value-Added Tax Act.

At the end of 2013 he refused to sign the amendments into law. The revised amendments were adopted by the parliament on May 7.

The law makes it mandatory for businesses to disclose in an annex to the VAT declaration the other party in all transactions exceeding 1,000 euros.

Businesses can apply for a transition period until June 20, 2015 for the switch to the new system was added to the bill.

A major change in the adopted law compared with the bill rejected by the president is that the data to which the obligation to maintain confidentiality of secrets applies do not have to be reported in the annex to the VAT declaration.