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Romania

28 August 2017

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Romania Introducing VAT Split Payment System

The Romanian Government has consulted on a draft ordinance to introduce a split payment system for value added tax (VAT). The system is meant to counter VAT fraud by requiring that registered VAT taxpayers open special VAT accounts for the deposit of VAT collected and paid on all supplies of goods and services considered made in Romania, with some exceptions for special VAT schemes. The VAT accounts will be opened with the tax office where the taxpayer is registered, or taxpayers may opt to open a VAT account with a commercial bank if the bank can support the new system. The split payment system will be optional from 1 October 2017 and will be mandatory from 1 January 2018.

Click the following links for the latest announcement from the Ministry of Finance and the latest version of the draft ordinance (Romanian language).

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