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

France Cracks down on VAT Fraud on e-commerce 

In a bid to further their clamp down on digital tax and VAT fraud, the French VAT authorities have released further details about the obligation for online e-commerce businesses to provide extensive details about all French sales.

Read more
South Africa: Digital Services VAT and Who Needs to Register for it

South Africa is broadening its definition of what constitutes a digital service forcing VAT registrations in the country.

Read more
Making Tax Digital: Are you Ready for Phase 2?

When Phase 2 of Making Tax Digital is rolled out in April of 2020, over one million businesses of all sizes will be affected by major factors that were not prevalent in phase 1.

Read more