Non-Profit Organizations and Public Entities/State Enterprises have a legal obligation to maintain and document the activities they carry out according to the legal requirements in force. The required documentation is in function of the tax responsibilities for which these entities are registered.
“Books and records” are commercial records, accounting documentation, annual accounts and financial reports, as well as all other documents related to the taxpayer entity, business correspondence, invoices and relevant documents, which must be created and maintained for determining the tax amounts to be paid by the taxpayer;
Documentation and maintenance of tax records for taxpayers subject to VAT or Profit Tax.
A. Non-Profit Organizations and Public Entities, which are subject to VAT or profit tax, for the calculation of tax liability, shall maintain registers, accounting documentation, books and financial information, as well as issue tax invoices, tax receipts or tax coupons, in accordance with the relevant laws, as well as the sub-legal acts issued in their implementation.
B. Non-Profit Organizations and Public Entities, subject to VAT, shall immediately register all financial transactions and prepare and maintain accounting books and registers, where the following are recorded:
C. Every buyer, whether a physical person, legal entity or individual, has the right not to carry out the transaction for the value of the provided good or service if the seller does not issue a tax invoice or tax coupon in accordance with this law. For this purpose, Non-Profit Organizations and Public Entities are obliged to display in a visible place, at the address where they conduct their activity, a notice for the buyer in accordance with this article.
Source: General Directorate of Taxes.