Following the trend of Poland and Italy, the Romanian Ministry of Finance has published new legislation introducing the Split Payments of VAT, having the purpose of reducing VAT fraud. According to the new tax provisions, this split payment mechanism will be implemented with an optional starting date of 1 October [...]
Romania recently made a change in the procedure for approving Value Added Tax (VAT) refunds from VAT returns which has been published in Romania’s official journal. In brief, the change will mean that taxpayers identified as high-risk will qualify to receive a refund only after an audit. These high-risk taxpayers [...]
On the 13 January 2017, the Official Journal of Romania published in Part I, No. 40, the executive order No. 3698/2015 from the National Agency for Fiscal Administration. This order concerns itself with various forms for tax registrations purposes. […]
The Government Ordinance no. 32/2016, published on 30 June 2016 in the Official Gazette of Romania, has stated that effective from 1st August 2016 the 9% VAT rate is set to be extended to certain agricultural products (fertilizers, pesticides, seeds and other products). The reduced VAT rate should also apply [...]
The Romanian Ministry of Finance has published the New Fiscal Code confirming that the standard rate of VAT will decrease from: 24% to 20% on 1st January 2016, and from 20% to 19% on 1st January 2017.
Further to our recent news story regarding the reducing of the standard VAT rate in Romania, the government has recently released another proposal to cut the standard rate to 19% by January 2016. The proposal is expected to become law in the next month. We will provide a further update [...]
The Romanian government has confirmed a VAT rate reduction on foodstuffs, non-alcoholic drinks and catering services to 9%. VAT on these supplies is currently charged at the standard rate of 24%. The changes will take effect on 1 June 2015. […]
Amendments to the tax code have been agreed by the Romanian Government. The VAT amendments include: Businesses purchasing goods or service from inactive or deregistered taxpayers may deduct VAT incurred if the supplier is in bankruptcy proceedings. From 1st September 2013 the reduced rate of VAT of 9% applies to [...]