Romanian Govt To Increase Minimum Turnover Threshold For Mandatory VAT Payment

Under Romania’s current Fiscal Code, companies with an annual turnover below EUR35,000 can choose not to pay VAT, but payment becomes mandatory if their turnover is above this limit.

According to the document, the Government will also introduce a minimum limit on voluntary VAT registrations, to eliminate fraudulent requests for VAT refunds.

Also, the minimum limit of turnover according to which medium enterprises are defined will be reduced from the current level of 6.7 million lei (EUR1=RON4.2527), to increase the number of firms monitored by the National Authority for Fiscal Administration.