Taxand Romania explains the VAT split payment mechanism.
Government Ordinance no. 14/2017 published in the Official Gazette no. 706 of 31 August 2017.
- Ordinance no. 14/2017 (“the Ordinance”) introduces at the level of taxable persons registered for VAT purposes in Romania as per art. 316 of the Fiscal Code the obligation to open at least one VAT account in Romania to be used solely for the collection and payment of VAT
- The application of the VAT split payment mechanism will be optional during 1 October 2017 – 31 December 2017 and compulsory starting 1 January 2018
- According to the provisions of the Ordinance, the taxable persons may request to have their VAT account opened either with credit institutions or with units of the Treasury State under the rules provided by the Ordinance
Discover more: Introduction of the VAT split payment mechanism