VAT changes for the agricultural sector - Braçe: Domestic production is favored and serves the formalization of the sector
The Laws Committee has approved amendments to the VAT law for the agricultural sector, proposed by Socialist Party MP Erion Braçe.
The initiative aims to calculate the VAT amount on both sales and purchases, while during the presentation to the committee, Braçe said that this new mechanism for calculating VAT not only favors domestic production, but will also affect the formalization of the sector.
During the discussions, representatives of the Ministry of Finance spoke out against the MP's proposal, as according to them, new legislation is being drafted with the help of European partners.
In his draft law, Braçe requests an addition to the article that provides for the deduction of VAT by taxable persons, by adding the VAT calculated on the final value of the transaction for the purchase of agricultural, livestock (plant and animal), fishery and forestry products by the taxable person to farmers with self-invoicing.
For the purposes of this point, the "final transaction value" is the value for the above products in the transaction of purchasing products from farmers, documented with a legal invoice agreed upon between the parties, which includes the value of VAT.
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