Romania has published draft legislation for the launch of electronic invoicing for business-to-business transactions for both VAT-registered resident and non-resident businesses from 1 January 2024.
Romania has confirmed that this new electronic invoice regime will require VAT-registered businesses to send their sales invoices to the Romanian tax authorities via a new e-invoicing portal within five working days of these being raised. The tax authorities will then undertake checks on the information included in the invoice as well as the format. This regime will still require the supplier to send invoices to the customers themselves directly.
The proposed regime will be introduced in two stages, with impacted businesses only having to report invoices relating to domestic sales from January to June 2024. It will then be rolled out to all other transaction types, including intra-community (EC) and export sales from July 2024.
It’s hoped that these changes will help to prevent common VAT errors on invoices and VAT fraud in the country.
The above information was kindly provided by Fiscal Solutions (UK), www.fiscalsolutions.co.uk; contact: [email protected].
