VAT News

Romania-Split payment method proposed

The Romanian tax authorities has released draft legislation under which taxpayers (both established and non-established in Romania) would be required to open a specific bank account to collect payments of Romanian VAT.

The proposals, which if enacted would be optional from 1 September 2017, or compulsory from 1 January 2018, state that all taxpayers must open a bank account either with the Romanian treasury or a Romanian bank, and VAT payments from customers must be paid directly to this account. The account must contain the reference 'TVA' in the IBAN reference number.

Once opened, the account is to be used only for VAT payments, and cash withdrawals must not be made without the permission of the Romanian tax authority.

More details are due to be announced in due course.

Related articles

UK-Implications of a 'no-deal' Brexit

The UK government has released guidance on the VAT impacts of the UK leaving the EU with no deal negotiated

Read more
South Korea - VAT has been extended to foreign cloud computing

The scope of VAT has been extended to foreign B2C cloud computer services.

Read more
Romania postponing VAT cut

Romania is considering postponing cutting the19% VAT rate to 18% for 2019.

Read more