Romania: what changes in VAT system

In Romania as of 1 January 2013, some amendments to the VAT system will come into force. With this regard the cash accounting scheme for VAT is introduced. Pursuant to this principle VAT is charged only when the value of goods or services delivered is cashed in. Moreover, the right to deduct VAT for the supply beneficiaries is deferred until the date the payment is performed through the bank.

The cash accounting scheme is mandatory for taxpayers with a turnover lower than 505,000 euro registered in the previous calendar year and for newly founded companies. The system does not apply for taxpayers which are part of a fiscal group, nor for transactions performed between affiliated parties, for cash payments or for taxpayers exceeding the aforementioned threshold.

If the invoices issued by the taxpayers that are required to apply the system are not cashed in within a maximum of 90 calendar days from the date of issuing the invoice or from the legal deadline of issuing the invoice (in the case where the invoice was not issued), VAT chargeability occurs 90 calendar days after the issuing date or the legal deadline for issuing it.

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