Draft legislation aims to clarify VAT split payment mechanism

Draft legislation aims to clarify VAT split

The main points are as follows: a) The VAT split payment will be optional starting from 1 October 2017 for invoices issued /advance payments received starting from 1 October 2017. It will be mandatory starting from 1 January 2018, for invoices issued /advance payments received starting from 1 January 2018; b) There should be at least one VAT account for VAT collected and paid. This VAT account must be used to pay the VAT for the purchases of goods / services; and c) The suppliers’ deadline for paying VAT into their VAT account for payments received from their customers via credit/debit cards or cash substitutes has been extended to 7 working days from the date of the receipt of the payment for the goods/services supplied;

1000
Ramona Jurubiță

Country Managing Partner

KPMG in Romania

Email
vaT split

©2022 KPMG România S.R.L., o societate cu răspundere limitată de drept român, membră a organizației globale KPMG, compusă din societăți membre independente afiliate KPMG International Limited, societate privată engleză cu raspundere limitată la garanții.  Toate drepturile rezervate.

Pentru mai multe detalii despre structura globală a KPMG, accesați https://home.kpmg/governance

Connect with us

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today