- Romania is making progress towards mandatory e-invoicing, with recent changes promising benefits for businesses and the government.
- The journey began with the introduction of Business-to-Government (B2G) e-invoicing in September 2021.
- A pilot program for B2G e-invoicing started in October 2021, followed by the approval of technical specifications for e-invoicing in December 2021.
- From July 2022, B2B taxpayers dealing in high tax risk products must use electronic invoices.
- In January 2024, established taxable persons and VAT-registered entities must submit invoices in the e-Factura system within five days of issuance.
- Non-compliant taxpayers will face fines from April 2024. By July 2024, the system will shift to a full invoice clearance system.
- Businesses should review their resources, choose a flexible e-invoicing provider, and avoid procrastination in implementing a new solution.
- Romania’s request for derogation from the EU VAT Directive has been proposed for approval, aiming to combat tax fraud and increase tax collection efficiency.
Source Opentext
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