ROMANIA

ROMANIA (TVA)

Romania being an EU member state falls under the EU VAT regime. Member states must adopt EU VAT Directives into their own legislation.

Standard VAT Rate: 19%

Reduced VAT Rate: 5%, 9%

Registration Threshold Distance Selling: 118,000 RON

EU VAT number format: RO999999999

Registration Threshold

Resident EUR 65,000
Non resident - There is no registration threshold                  
IC Acquisitions -EUR 10,000

VAT Registration

A non-resident taxable person must register for VAT purposes in Romania before he carries out VAT-able operations in Romania for which he is liable to pay VAT.

Direct registration (only for non-resident taxable persons resident in the EU)

VAT Compliance

Detailed rules regulate reporting requirements of Romanian transactions for Value Added Tax purposes. These include: invoice requirements, timeliness for an invoice to be issued, invoice and credit notes corrections rules, foreign currency reporting requirements and exchange rate sources, correction of previously submitted returns and accounting records that must be maintained for VAT purposes.

VAT Returns

VAT returns must be made Monthly - for companies with a turnover over EUR 100,000;
Quarterly - for companies with a turnover below EUR 100,000.

The time limit for filing the VAT return is 25th of the month following the fiscal period (i.e. month / quarter)