In the business world, an invoice represents a key document that the seller issues to the buyer. In a broader sense, it is a confirmation that the supplier of goods or service provider gives to the recipient, thereby formalizing the transaction. Although it may seem like just another piece of paper at first glance, this document plays a much more significant role.
Every legal or natural person operating within the value-added tax (VAT) system has a legal obligation to issue an appropriate invoice for each sale of goods or services. This obligation is clearly defined in Article 42 of the Zakon o porezu na dodatu vrednost. It states that the taxpayer is required to issue an invoice for every transaction, and in the case of services that last longer than a year, a periodic invoice must be issued, with the period not exceeding one year.
Every invoice should contain several key pieces of information. This includes the name, address, and tax identification number of the issuing taxpayer, as well as details about the recipient. Additionally, it should specify the type and quantity of goods delivered or the extent of services provided, the date of the transaction, the amount of advance payments, the taxable base, and the applicable tax rate. Of course, it will also include the amount of calculated VAT, as well as notes that may include various exemptions.
The issuance of an invoice does not end with just one copy. An invoice is typically issued in at least two copies—one is retained by the issuer, while the other is given to the buyer. This process ensures that both parties have the necessary information and that all transactions are documented.
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