Russia VAT invoice requirements change

The requirements for compliance and disclosure on Russian VAT invoices is to change from 1 April 2012.

The Russian tax code sets out the precise rules for VAT invoices, and has been modified by Decision 1137 from its date of publication, 24 January 2012, although businesses may still issue invoices under the old requirements until the start of April.  Changes to the Russian VAT rules include:

• foreign currency rates and translations must be detailed;
• adjustments to old invoices will now require the issuance of a new, replacement invoice;
• recording of the date of receipt of input VAT invoices; and
• accounting records may be kept in paper or electronic forms for VAT purposes.

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