Romania - Split Payment System to be introduced as of 1 January 2018
The upcoming introduction of a split payment system by the Romanian tax authorities will enable them to control future payment transactions between taxpayers. It is expected that, as of 1 January 2018, it will be mandatory for customers to transfer invoiced VAT amounts to a special tax account of the supplier. The regulation will also be applicable for taxpayers not established in Romania but registered for VAT purposes there.
News from Accountancy Europe – formerly the Federation of European Accountants
The Commission has published the latest annual Taxation trends report. The report shows that revenues from consumption taxes (including VAT and excise duties) for the EU-28 increased as a percentage of GDP in 2015. However, the share of consumption taxes out of total revenue increased only slightly to 28.7% compared to 28.5% in 2014. The report also demonstrates that the average top corporate tax rate reduced from 22.5% to 21.9% between 2016 and 2017. The Taxation trends report provides detailed statistical and economic analysis of the tax systems of the 28 EU Member States, as well as Iceland and Norway. The report also includes country chapters where, for each country, key tax indicators are provided on tax revenues as a percentage of GDP for the years ranging from 2003 to 2015. These are supplemented by tables presenting the latest tax reforms in each country.
Disclaimer: The information contained in the present page is general and does not constitute legal advice. Before taking any decision or action on the above information you should take the appropriate professional advice.