Romania: Fractional Payment Scheme Abolished

Following the rejection of its plan by the European Commission, and after several postponements, Romania has finally cancelled the introduction of the fractional payment scheme, a scheme that has already been implemented in Italy and Poland. However, Romania still intends to develop the SAF-T (Standard Audit File for Tax) which is an international standard for the electronic exchange of data from organisations to a national tax authority or external auditor. This is scheduled to be implemented by the end of 2020.

Expert

NEED HELP ?

Rely on our experts to manage your international VAT obligations.

OTHER VAT BRIEFS VAT Payment
From January1, 2024, VAT rates in Switzerland will increase : Standard VAT rate increases from 7.7% to 8.1%. Reduced VAT rate raised from 2.5% to 2.6 Special rate for lodging increases...
As of January 1st 2023, the euro will become the official and customary currency in Croatia. From now on, it will be mandatory for companies to display prices...
As of January 1st, 2024, VAT rates in Switzerland will increase: Le taux de TVA standard passe de 7,7% à 8,1% Le taux de TVA réduit passe...
Following negotiations between the Luxembourg government, employers’ representatives and trade union representatives, the government plans to sign an agreement providing for a temporary reduction in the following VAT rates...
Other VAT infoRomania

Tax Mag

VAT Updates per Month
Newsletter

NEWSLETTER

Get the latest news about VAT in Germany and the European Union straight to your mailbox.

we respect your privacy