Business Forum with PwC Audit on “How to Apply Tax Accurately while Conducting Sales”
AmCham Albania and PricewaterhouseCoopers Audit held a Business Forum:
“How to Apply Tax Accurately while Conducting Sales”
The new VAT Law that came into effect in 2015, has brought new challenges in its implementation. A controversial issue during the tax audits has been the application of the new VAT Law, the treatment of discounts, promotional activities, bonuses and destruction of perishable inventory.
The positive development is that the VAT Law has been unified according to the European Directive and that transactions are treated fiscally equally in all EU countries.
The biggest challenge remains informing the businesses thoroughly on how they can “educate” the tax auditors when they come to audit.
Due to the importance of this information, AmCham Albania and PricewaterhouseCoopers organized a Business Forum on: “How to Apply Tax Accurately while Conducting Sales”.
Speaking about the goal of this Forum, the partner of PricewaterhouseCoopers, Ms. Loreta Peçi explained that it is very important to share the information on fiscal treatments and to ask the tax auditors to have a unified procedure while they come to audit.”
During this meeting, the experts of PwC, Lorena Gega and Mirjeta Emini updated the members on the treatment of discounts, promotional activities and the destruction of perishable inventory and also how to treat the expected losses. How are samples and gifts handled in terms of the transactions? Will VAT be paid in this case?
How can we handle the losses, what is the technical documentation needed besides the fiscal one that businesses should take into consideration? These were some of the questions that AmCham members had and which were addressed by the PwC experts during the meeting.