{"id":2498,"date":"2018-03-12T16:10:19","date_gmt":"2018-03-12T15:10:19","guid":{"rendered":"https:\/\/www.asd-int.com\/?p=2498"},"modified":"2020-06-03T14:18:51","modified_gmt":"2020-06-03T12:18:51","slug":"romania-introduces-vat-split-payment-scheme","status":"publish","type":"post","link":"https:\/\/www.asd-int.com\/en\/romania-introduces-vat-split-payment-scheme\/","title":{"rendered":"Romania introduces VAT Split payment scheme"},"content":{"rendered":"<p>On 1 January 2018, Romania introduced the VAT Split payment scheme. Thanks to the introduction of the VAT split payment mechanism, the Romanian government hopes to reduce the VAT fraud and thus lessen the VAT gap which is amongst the highest ones in Europe (37.2% in 2015).<\/p>\n<p><!--more--><\/p>\n<h2>THE PRINCIPLE OF VAT SPLIT PAYMENT : AN ANTI-TAX AVOIDANCE MECHANISM<\/h2>\n<p>Each company registered and liable for VAT is obliged to hold and use a \u00ab VAT account \u00bb opened at a banking institution or the Treasury. This mechanism allows the collection as well as the payment of VAT related to taxable transactions.<\/p>\n<p>During a taxable transaction, the seller is obliged to provide the customer with his \u00ab VAT account \u00bb. The latter will pay according to the split payment method:<\/p>\n<ul>\n<li>the net amount on the seller\u2019s professional current account;<\/li>\n<li>the amount corresponding to the VAT due on the seller\u2019s \u00ab VAT account \u00bb (VAT collected).<\/li>\n<\/ul>\n<p>Thus, this account allows the seller to pay the total amount of VAT due to the Tax administration. No withdrawals can be made from this account.<\/p>\n<h2>ANTI-TAX AVOIDANCE MECHANISM IN ROMANIA<\/h2>\n<p>According to the law No. 275\/2017, this scheme has become mandatory in Romania since 1 January 2018 for all the private and public companies registered and liable for VAT in the situation of insolvency or having incurred VAT debts.<\/p>\n<p>A company falls within the scope of the mechanism when it incurs debts higher than:<\/p>\n<ul>\n<li>15 000 RON for large companies;<\/li>\n<li>10 000 RON for medium-sized companies;<\/li>\n<li>5 000 RON for small businesses.<\/li>\n<\/ul>\n<p>The VAT split payment is only optional for all the companies subject to VAT, liable to VAT and registered for VAT. However, the latter can opt for the application of the scheme and benefit from a tax incentive, namely a reduction of about 5% on the income tax. Companies not registered for VAT are exempt.<\/p>\n<p>Finally, a penalty of 0.06% of the amount due per day is applicable for erroneous payments. If the correction is not made within 30 days, a fine of 50% of the amount due is applied.<\/p>\n<h2>VAT SPLIT PAYMENT MECHANISM IN OTHER EUROPEAN COUNTRIES<\/h2>\n<p>Until now, only Italy applied this system, limited to certain companies (scope extended since 2017). However, the Polish government is also preparing to introduce the VAT split payment scheme. Initially scheduled for the 1 January 2018, the introduction of this system has been postponed to 1 April, 2018.<\/p>\n<p>If your company is concerned by this mechanism, do not hesitate to contact our agencies in\u00a0<a href=\"https:\/\/www.asd-int.com\/en\/branches\/branches-italy-fiscal-social-customs-service\/\">Italy<\/a>,\u00a0<a href=\"https:\/\/www.asd-int.com\/en\/branches\/branch-romania-fiscal-social-customs-service\/\">Romania<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.asd-int.com\/en\/branches\/branches-poland-fiscal-social-customs-service\/\">Poland<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 1 January 2018, Romania introduced the VAT Split payment scheme. Thanks to the introduction of the VAT split payment mechanism, the Romanian government hopes&#8230;<\/p>\n","protected":false},"author":36,"featured_media":2123,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[44],"tags":[],"pays":[],"class_list":["post-2498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Romania introduces VAT Split payment scheme | ASD Group<\/title>\n<meta name=\"description\" content=\"La Roumanie vient d&#039;introduire le paiement fractionn\u00e9 de la TVA (Split Payment Scheme) afin de lutter contre la fraude \u00e0 la TVA. 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