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. Continue reading
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). Continue reading
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. Continue reading
As already announced the CEE VAT antifraud conference took place on November 19, 2015.
Officials from the ministries of finance and economy of five CEE countries (Czech Republic, Hungary, Poland, Romania and Slovakia) have called for a Joint Approach to combat VAT fraud and increase VAT collection in a conference hosted today by PwC in Budapest. Continue reading
Please be informed that the most important change is the decrease of the standard VAT rate from 24% to 20% starting with 1 January 2016, and from 20% to 19% as of 1 January 2017. In addition to the above, please find below a selection of other VAT provisions entering into force starting with 1 January 2016 which may also be of interest: Continue reading