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Follow on Google News | Government of Romania Introduces Changes to VAT LegislationThe Government of Romania has introduced an array of changes to its VAT legislation.
By: Nair & Co Revised VAT registration threshold *The VAT registration threshold has been increased from € 35,000 to € 65,000, effective from July 1, 2012. *Taxpayers who have declared or realised an annual turnover not more than € 65,000 may apply to register for VAT on a voluntary base, excluding those who supply intra-community deliveries of new means of transportation. For taxpayers with a turnover not more than € 65,000, obligations for tax declarations have been made simpler, and in order to apply these regulations, transitional provisions have also been provided. De-registration of VAT *Romanian tax authorities hold the right to de-register taxpayers who do not, in a period of six months:- *Submit VAT returns, *Disclose their VAT return acquisitions or deliveries of goods and rendering of services. VAT Deduction for Vehicles *Only 50% of input VAT for acquisitions of vehicles and other expenses linked to these vehicles will be *deductible for VAT calculation purpose with effect from July 1, 2012. *100% of Input VAT will be deductible if vehicles are used: *For emergency services, safety and protection, courier activities *For sales persons and acquisitions *For transportation services rendered by authorised companies *For paid rendering of services, according to the object of activity of companies, and *For to-be-leased vehicles *For vehicles considered as goods for trading activities. Please call/email for more details. Get the latest press releases and updates on international tax, compliance and other legal news at Nair & Co. Industry Alerts. End
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