Romania is to broaden its facility for using the reverse charge and postponed VAT accounting to avoid a cash payment of VAT on importation.
The scheme will require an application for the existing deferred payment licence. Applicants must have a Romanian VAT number for at least six months and have an Approved Economic Operator certificate. They must also be in good standing with the tax office. Lastly, they must have recorded imports in the last six months to the value of RON 50million or above.
Deferred import VAT and the reverse charge
Many EU countries have already introduced deferred import VAT regimes. The UK and Ireland are introducing their versions at the end of the UK’s Brexit transition period, 31 December 2020.
If you need to complete returns reflecting postponed VAT, our VAT Filer can accurately populate any country submission with verified VAT or GST data from our VAT Calculator or VAT Auditor services