Monitorul Oficial al Romaniei No 809 / 19 December 2013 has published Government Emergency Ordinance No 111 / 18 December 2013, which regulates tax measures and amends some legislative acts.
The Ordinance amends the provisions of Law No 571 / 2003, regarding the Tax Code, which refer to the rules for the application and operation of the VAT cash accounting system, with effect from 1 January 2014.
The major changes to the VAT cash accounting system refer to the following aspects:
- The application of the VAT cash accounting system becomes optional. However, the taxpayers choosing to apply such system shall do so until the end of the calendar year in which they opted for it, excepting the case in which their turnover in that year is in excess of RON 2,250,000.
- The taxable entities that apply the VAT collection system on 1 January 2014 may at any time request during 2014 to be deregistered from among such taxpayers by filing a notice in this regard.
- The obligation to collect VAT upon payment within a 90-day term of the invoicing date is cancelled in respect of uncollected invoices.
- The application of higher excise taxes on leaded / unleaded gasoline, Diesel oil and kerosene (used as fuel), provided under Government Emergency Ordinance 102 /2013, shall be postponed until 1 April 2014.
- Law No 148 / 2012, regarding electronic records of commercial operations, has been abrogated because its provisions run counter to the Community acquis concerning VAT. Therefore, the invoice treatment shall be regulated solely by the Tax Code (Law No 571 / 2003).