All taxable persons and public institutions registered for VAT purposes under Art. 316 of the Fiscal Code will be required to open separate VAT accounts for receiving and making VAT payments. VAT accounts will be opened, by default, with the various treasury units within the tax offices where taxpayers are registered. However, any taxpayer can opt to open an account with a commercial bank (although, currently, not all banks operating in Romania have the relevant infrastructure to open these types of bank accounts). The VAT split payment mechanism will apply to all taxable supplies of goods/services, from a VAT perspective, with the exception of transactions subject to the special regimes (e.g. the special scheme for small enterprises, the special scheme for travel agents, the special scheme for second-hand goods) and those subject to the reverse charge mechanism (Art. 307, par. 2-5 or Art. 331 of the Fiscal Code).
© 2019 KPMG Romania S.R.L., a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.