Reminder: From January 2016 new VAT amendments have been introduced in Romania

2 February 2016

As stated in our article in October 2015, from 1 January 2016 the following amendments to the VAT act will apply in Romania:

  • The standard VAT rate being reduced from 24% to 20%, with a planned further reduction to 19% from 1 January 2017.
  • The new reduced VAT rate of 5% will be applied to the sale of entry to sports events, museums, castles, historical monuments, fairs, cinemas and cultural events.
  • The 5% VAT rate will also be applied to the sale of books, papers and magazines – with the exception of those published mainly for publicity purposes and the supply of e-books.
  • The application of a domestic reverse charge mechanism on the supply of buildings and land which are subject to VAT and to the sales of investment gold, mobile phones, integrated circuits (e.g. microprocessors), games consoles, tablets and laptops.
LATEST NEWS

Emergency VAT measures to combat the financial impact...

Due to the negative financial impact that the coronavirus pandemic is having on businesses all over the world, a number of tax authorities have implemented...

SEE MORE
LATEST NEWS

UK cuts hospitality and tourism VAT to 5% until...

From 15 July 2020 to 12 January 2021, the UK will cut the VAT rate applicable on hospitality services from the standard rate of 20% to the reduced rate of...

SEE MORE
LATEST NEWS

Portugal extends VAT return deadlines

The May and June monthly VAT returns due on 12 July and 12 August respectively are now due on 17 July and the 17 August. The deadline for the March to June...

SEE MORE

Gated Content

The following email providers are not accepted: gmail, hotmail, yahoo. Please use proper company email.