- The Romanian President has promulgated a law extending the RO e-Invoice reporting system to all taxable operations in Romania from January 1, 2024.
- Companies established in Romania or non-residents registered for VAT purposes will be required to report all invoices issued for taxable operations in the RO e-Invoice system by three deadlines: January 1, April 1, and July 1, 2024.
- From April 1, 2024, sanctions for non-compliance with the RO e-Invoice reporting system can be applied. Fines range from 1,000 to 10,000 lei depending on the size of the taxpayer.
- From July 1, 2024, a taxable person established in Romania who receives and records a traditional invoice not electronically issued is fined an amount equal to the VAT recorded on the invoice.
- The law does not allow payment of half of the minimum fine within 15 days from receiving the contravention report for breaching the obligation to transmit the invoice in the RO e-Invoice system.
- The law is ambiguous regarding the accumulation of fines for not reporting invoices in the RO e-Invoice system and whether the fine applies to each unrecorded invoice or a batch of invoices.
- The law may lead to double taxation as companies that accept non-compliant invoices will also lose the right to deduct VAT for those purchases.
- Taxpayers targeted by the RO e-Invoice obligation should start preparing as soon as possible to meet the deadlines set by law.
Source: business-review.eu
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
