New VAT payment system starting with January 2013
September 26, 2012Rainfall
According to Government Decision 15/2012 for modifying the Law 571/2003 regarding the Fiscal Code for 2013, the taxpayers with tax residence in Romania and whose revenue during October 1st 2011 – September 30th 2012, does not exceed 2.250.000 RON will be applying the VAT charge on cashed-in system starting January 1st 2013.
In order to comply with these provisions, the taxpayer who is pass to the new system is responsible for submitting, before October 25th, a written notification to prove that revenue during October 1st 2011 – September 30th 2012 (inclusive) did not exceed the 2.250.000 RON limit.
- VAT on cash system does not apply to taxpayers that are part of a single fiscal group.
- VAT on cash system applies only to transactions where goods or services are in Romania.
Transations which are not affected by the new systemREAD MORE