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.
A new reporting obligation will be implemented in Romania as of 2022 (i.e. the Standard Audit File for Tax („SAF-T”)). The obligation will arise for large taxpayers as of January 2022. In this respect, taxpayers should have the ERP ready for the SAF-T reporting in terms of ensuring the existence of the mandatory elements to be reported on the format requested by the tax authority as well as insert the potential missing data.
For further information or in case of any questions please contact Andreea Dereli, andreea.d.dereli@pwc.ch.
Founded in 1948, Ameropa is a Swiss, privately owned international agri-business. We produce, originate and market fertilizers and grains. Our headquarters are in Binningen, Switzerland, near the city of Basel. We have regional offices on all five continents and invest globally in assets supporting our business activities.
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