Sales, Use and International Tax Activity Update - January 2010

EU Grants Estonia an Extension of Cash Accounting Scheme

The Council of the European Union has granted Estonia’s request to extend the cash accounting scheme currently available to taxable persons registered as sole proprietors. Under the cash accounting scheme VAT becomes due when payment is received by the supplier of the goods and services.

The cash accounting scheme for sole proprietors is extended until 12/31/2010 after which its scope will be expanded to all taxable persons with annual turnover not exceeding a threshold to be set at up to 2,000,000 Euro.

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