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Overview of country specific accounting and VAT/Tax legislation

Accounting Requirements

Accounting Books:
  • Posting Journal
  • Detailed Trial Balance
  • Trial Balance Reports
Other Requirements:
  • National Chart of Accounts
  • Grossing up on Fixed Assets sales
  • Declaration to be obtained/issued from Software Provider

VAT/Tax Requirements

Applicable Types
  • VAT (IVA)
  • Import VAT
VAT/Tax Books:
  • EU Sales Listing (VIES)
  • Intrastat Listing
VAT/Tax Documents:
  • Special Invoice Text mandatory
  • Special Credit Memo / Correcting Invoice
Other Requirements:
  • Rules about Invoice Texts etc.
  • VAT reclaims (cash refund) on purchases only if invoice is paid.

Usual Business Requirements

  • Electronic payments of vendors


Requirements that exist in most countries, e.g. documentation of transactions, Annual Accounts or periodic reporting of VAT totals, are NOT listed above if no specific legislation exists about format or content.


DISLAIMER: No responsibility is taken of the correctness of above information. The specific accounting and VAT/Tax requirements for a company should always be confirmed with local auditors. The listed issues may not be applicable for all types of companies as well as additional issues may exist depending on the specific type of business.