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Romanian Senators Vote To Allow VAT Payment 30 Days From Cashing Invoices

Romania’s Senate approved Monday a draft law to amend the Fiscal Code, whereby companies will have to pay VAT within a maximum of 30 days from cashing invoices.
Romanian Senators Vote To Allow VAT Payment 30 Days From Cashing Invoices
22 mart. 2010, 21:08, English

Under current rules, VAT is paid on cashing invoices.

Romania’s Finance Ministry state secretary Gratiela Iordache said the measure cannot be implemented as EU Directive 2006/112/EC does not allow such a provision. In addition, it would trigger several disadvantages, including lower budget revenue, as the financial misbehavior of „economic operators” would have to be borne by the state,” increased workload for fiscal control bodies and higher tax evasion.

Iordache said the measure would cost the budget 2.2 billion lei (EUR1=RON4.0888) in the second half of 2010, and around RON2.5 billion in 2011.

Democrat liberal senator Iulian Urban, one of the draft’s backers, rejected Iordache’s standpoint, arguing the amendment is necessary to prevent the collapse of the country’s economy.