Amendments brought to the Fiscal code and other legislative acts

Amendments brought to the Fiscal code and other legislative acts

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20 December 2013

Government Emergency Ordinance no. 111/2013 regulating fiscal measures and amending legislative acts („the Ordinance”) was published on 19 December 2013 and enters into force as of 1 January 2014.
 

The major changes are summarised below:
 Cash accounting VAT scheme
• The application of the cash accounting VAT scheme becomes optional and the collection of output VAT and deduction of input VAT are performed within the VAT return related to the month when the cashing/payment of the invoice occurred.
• Transition from the mandatory application of the cash accounting VAT scheme to the optional one is covered by transitory rules.
Excise duties
• The increase of the excise duties level for diesel, leaded and unleaded petrol and kerosene is postponed from 1 January 2014 to 1 April 2014.
The Law no. 148/2012 regarding the recording of commercial transactions through electronic means, previously suspended, is abrogated.
 

 

[Source: Official Gazette of Romania no. 809/2013]

 

For more information, please contact Mihaela Mitroi, Ionut Simion and Daniel Anghel.

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