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

Malaysia-GST 'scrapped' from 1 June 2018

Malaysia has announced GST will be reduced to 0% from June 2018

Read more
GCC-Kuwait to postpone VAT implementation

Kuwait's parliament budget committee has announced the postponement of the VAT implementation until 2021

Read more
Australia-Changes for non-established accommodation suppliers

In the recent budget, it was announced that non-Australian entities making supplies of accommodation may be brought into the GST net

Read more