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.
I was used to each end of calendar year bringing also the end of certain tax periods. When I was working with my clients on their risk registers and update them at the end of year there was certainty. One period lapsed. Nonetheless, I understood that due to the COVID-19 pandemic period, the statute of limitation was suspended and thus extended in certain countries.
Press release ANAF – March 16, 2020
In this period, given the difficult economic context caused by the spread of COVID-19, the National Agency for Fiscal Administration (ANAF) prepared a set of measures for the support of the business environment, the most important being the following:
First introduced in October 2017, the VAT split payment mechanism was supposed to tackle VAT fraud and increase the Romanian state revenues. Debated by many taxpayers that it will not achieve the desired outcomes, the VAT split payment mechanism received also the criticism of the European Commission in November 2018.
The proposal to reduce the standard VAT rate from 19% to 16% starting from 1 January 2020 was adopted by the Senate on 21 October 2019 and is currently under the analysis of various committees under the Deputy Chamber. Read More »
Romania has a very high fraud in the VAT field and this is why the authorities had put in place a VAT registration process for resident entities, which is far more demanding compared to similar processes in other EU countries. Read More »
The Romanian senators from the budget finance committee discussed and proposed some amendments related to the VAT split payment system.
On 10 October 2017 the senators decided to return the proposed amendments to the budget finance committee for a week to clarify the effective impact of this measure on the Romanian State Budget (in case the system will be applied only to a limited number of companies and not in a generalized form). Read More »
The new VAT split payment system requires all VAT payers (including non-residents registered for VAT purposes in Romania) to use a bank account dedicated to all VAT-related incoming and outgoing amounts (for transactions carried out on the Ro territory) in respect of all their VAT-bearing transactions. Read More »