Information provided by COLUN TAX.
LEGISLATIVE ACTS
July 8, 2024 – In the Official Gazette of Romania, Part I, no. 647/08.2024, Law no. 214/2024 regarding the use of electronic signatures, timestamp and provision of trust services based on these, has been published. This law will come into force on October 8, 2024.
Of note is the accounting impact: as per Law no. 82/1991 on accounting, the board of directors, or the management, is obliged to submit to the territorial units of the Ministry of Finance, in paper format and/or electronic format (or exclusively electronic format), with a qualified electronic signature or an advanced electronic signature created with a certificate issued by a Romanian authority or public institution, the annual financial statements, their report, the auditor's or censor's report, as applicable.
STATE INSTITUTIONS' ANNOUNCEMENTS
July 8, 2024 – Conclusions of the meeting between Minister Marcel Boloș and representatives of accounting experts.
A delegation from the Ministry of Finance, led by Minister Marcel Boloș, held discussions with representatives of accountants and economists regarding the concerns arising from recent fiscal legislative changes. During the meeting, the main concerns of accounting professionals were addressed, focusing on the impact of regulations introduced by Emergency Ordinances 69/2024 and 70/2024 on their activities and the business environment in general.
In this context, the following agreements were reached:
- Implementation of e-VAT: Accounting representatives expressed openness towards this measure, contingent upon its effectiveness. Minister Marcel Boloș invited them to participate in the e-VAT committee, where the accuracy of data generated by this tool will be analyzed, with a decision on the possibility of system extension based on preliminary results.
- Implementation of e-Invoice in B2C regime and personal data protection: The Ministry of Finance assured that the implementation of the system will adhere to best practices in data security and will not require personal identification numbers (CNP) for individuals receiving invoices. The Ministry team explained that they are working on a system where personal data on electronic invoices will be converted into a fiscal identification format that does not directly correlate with the identity of the person for whom the invoice was issued.
- Reverting to the precautionary principle: Minister Marcel Boloș emphasized the potential for this, requesting concrete proposals from accounting representatives in this regard.
- Simplification of the declaration process by eliminating redundant statements: The Ministry team highlighted steps in this direction, including the modification or elimination of Form D394.
- Need for predictability in the tax system: Minister Marcel Boloș proposed the establishment of a fiscal committee focusing on fiscal norms and procedures, inviting delegates from professional organizations, employers' associations, and trade unions to quarterly meetings to discuss any proposed changes of this nature.
- Exploring the possibility of offsetting medical leave with social contributions: However, discussions at the level of the Romanian Government are needed.
- Considering the possibility of granting tax credit for the purchase of cash registers capable of printing QR receipts: Further discussions will follow to analyze specific situations encountered by taxpayers in completing e-Transport declarations.
Read the full announcement on: Ministry of Finance
MEDIA NEWS
July 11, 2024 – After Brexit, the British tax authorities refunded VAT to Romania for 2 years, but the Bucharest government now intends to ensure reciprocity for British taxpayers only from now on.
Firms and taxable individuals in Romania were able to benefit from VAT refunds for purchases and imports from the United Kingdom starting January 1, 2021. However, since Romania did not implement a reciprocal regime, the British side suspended VAT refund requests starting in 2023, requesting the Romanian Government to agree to reciprocity in bilateral relations. Only now, more than a year and a half after the British request, the government intends to sign this agreement, but with VAT refunds to British firms only after the signing.
Read the full story on: Profit.ro
Romania has concluded reciprocal agreements regarding VAT refunds with only four third countries, namely Serbia, Norway, Turkey, and Switzerland.
These are published on: Ministry of Finance
