On June 21, 2024, Emergency Ordinance No. 70/2024 was published in the Official Gazette of Romania. This ordinance introduces significant changes regarding the implementation of the RO e-TVA system, which is a prefilled VAT return designed to streamline tax reporting processes.
In Short: the Romanian tax authorities are introducing a system whereby they will pre-fill in a VAT return with data gathered from the company from various other sources. The company would still need to submit its VAT return. In case of discrepancies (i.e. that exceed 20% in percentage terms and LEI 1,000 in absolute value – approx. USD 215) the company will be notified and have 10 days to provide explanations. Failure to provide complete explanations on time could lead not only to fines but also to an increase in tax audits.
Forests cover one-third of the land on our planet. Not only are they fundamental carbon sinks, but they also host 80% of terrestrial biodiversity, including most birds and mammals. In addition to combating climate change and preserving nature, forests are pivotal to human life, providing nourishment and fuel, and preventing soil erosion.
Michaela Merz 