The tax authorities will no longer require companies to maintain their constantly updated inventory, allowing them to do this accounting update only once a month.
The measure falls under Simplex and has been the subject of a letter by the Tax Authority, which on Monday sent a statement to newsrooms to remember administrative simplification.
According to explanations provided by the Finance , the s accountants came up complaining that the perpetual inventory system was demanding a constant updating of accounting firms, complicating their lives. Now, by this amendment, it is assumed that the accounts can be updated only at the end of each month to reflect the inventory.
The companies will, however, keep records extra accounting to allow tax of Finance do their inspections.
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