VAT at collection system became optional!
January 31, 2014Cristina Felnecan
At the beginning of 2013 Romania introduced the VAT payment system at collection. A system that led to multiple controversy and, although it is based on a healthy fiscal philosophy, it was implemented with multiple gaps.
But 2014 starts with good news. According to the GO 111/2013 was instituted the option of VAT collection application for taxpayers whose yearly turnover does not exceed 2,250,000 lei in the previous calendar year.
In other words, VAT collection system is not mandatory anymore, it becomes optional, leaving eligible taxpayers to decide whether to apply or not based their economic particularities.
Therefore, taxable persons on January 1, 2014 who already apply VAT collection system will proceed as follows:READ MORE