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Government of Romania Introduces Changes to VAT Legislation
1 pages
Published by
Nandita Verma
Government of Romania Introduces Changes to VAT Legislation
(Sunnyvale, CA) – The Government of Romania has introduced an array of changes to its VAT legislation.
The
amendment includes an increase in the VAT registration threshold,...
[More]
Government of Romania Introduces Changes to VAT Legislation
(Sunnyvale, CA) – The Government of Romania has introduced an array of changes to its VAT legislation.
The
amendment includes an increase in the VAT registration threshold, tax authority’s right to de-register taxpayers
and VAT related deductions for purchase of vehicles.
Revised VAT registration threshold
The VAT registration threshold has been increased from € 35,000 to € 65,000, effective from July 1, 2012.
Taxpayers who have declared or realised an annual turnover not more than € 65,000 may apply to register
for VAT on a voluntary base, excluding those who supply intra-community deliveries of new means of
transportation.
For taxpayers with a turnover not more than € 65,000, obligations for tax declarations have been made simpler,
and in order to apply these regulations, transitional provisions have also been provided.
De-registration of VAT
Romanian tax authorities hold the right to de-register taxpayers who do
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Tags
acquisitions,
activities,
apply,
deductible,
deliveries,
goods,
international,
legislation,
register,
registration,
rendering,
romania,
services,
taxpayers,
threshold,
transportation,
vehicles
