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COMPULSORY ELEMENTS OF THE INVOICE

An invoice is a basic document that a seller issues to a buyer, more broadly, it is an invoice that a supplier of goods or a service provider provides to a recipient of a good or service user.

Taxpayers, all legal and natural persons in the VAT system are legally obliged to issue for each turnover of goods or services an appropriate invoice with all mandatory elements.

This is prescribed by Section 42 of the Law on Value Added Tax which reads in full: ‚‚ The taxpayer is obliged to issue an invoice for each turnover of goods and services. In the case of the provision of time-limited or unlimited services of more than one year's duration, a periodic invoice is obligatory, but the period for which that invoice may not be longer than one year.

Each invoice should contain these basic elements in accordance with the provisions of Article 42 of the Law on Value Added Tax:

1) name, address and PIB of the payer - the issuer of the account;

2) place and date of issue and ordinal number of the invoice;

3) name, address and PIB of the payee;

4) the type and quantity of goods delivered or the type and scope of services;

5) date of turnover of goods and services and amount of advance payments;

6) base amount;

7) the applicable tax rate;

8) the amount of VAT calculated on the base;

9) a note on the provision of this Law on the basis of which VAT has not been calculated;

10) a note that a payment system is applied to the sale of goods and services.

The invoice is issued in at least two copies, one of which is retained by the issuer and the other is given to the recipient of the goods and services.