ARTICLE · 03 DECEMBER 1996
Price Waterhouse Romania: Flash Report No.13:
RomaniaAccounting and Audit
The government has approved new VAT Norms that come into effect on 27 November 1996. The major changes effect VAT "reverse charge" and VAT on export of services. This is a preliminary assessment of the changes as some of the amendments are not clear. However, the following may require urgent action.
REVERSE CHARGE VAT
For registered VAT payers, it appears that the reverse charge is to be included in the monthly VAT return after invoice is received. This would mean that only the net of input and output would need to be paid on the 25th of each month.
However, a separate section in the Norms requires that VAT on reverse charge must first be paid to be reclaimable. We are seeking clarification of this apparent conflict.
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