One of the consequences of Romania's EU Accession is that foreign companies performing taxable supplies in Romania may be required to register for VAT purposes in Romania and observe the Romanian VAT legislation. In the meantime, companies already registered for VAT purposes in Romania are required to observe the new reporting requirements which have been newly introduced for reflecting intra-community transactions. |
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Do you need to register for VAT in Romania? |
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| If you are a foreign business, you have to conduct an analysis so as to determine whether the VAT registration in Romania is required. Such VAT registration may be necessary, for example, if you : |
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Keep stocks in a warehouse in Romania, |
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Send goods to Romania for processing purposes and the finished products do not return to |
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the Member State from which the raw materials were initially shipped, |
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Are involved in cross-border leasing operations with Romanian lessees, |
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Perform distance sales (eg. sales of goods made on-line to Romanian individuals) which |
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exceed the threshold of EUR 35,000, etc. |
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| Are you already registered for VAT in Romania? |
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| If you are already registered for VAT purposes in Romania, you should be aware that due to the complexity of the new VAT rules, the VAT compliance has become increasingly complicated and difficult to manage. Without the appropriate compliance you will not be able to produce accurate forecasts or you may be exposed to unexpected charges and penalties. |
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| PricewaterhouseCoopers provides a number of services to meet the VAT compliance needs, including the following: |
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Analysis of the business scheme so as to determine whether the VAT registration is required; |
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Assistance before the tax authorities during the registration process; |
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Completion of VAT returns and any preparation of supporting documentation; |
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Preparing the Recapitulative Statement for Intra-community acquisitions and supplies; |
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Completion of the Intrastat statements. |
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| Alternatively, our experts within the VAT compliance group can review the VAT returns, Recapitulative Statement for Intra-community acquisitions and supplies and Intrastat statements for businesses which prepare the VAT reporting documents in-house, but which need the comfort that their VAT returns have been checked by specialists and that their VAT recovery has been maximised. |
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VAT Compliance Services  |
