- Implementation Timeline and Obligations: The SAF-T (Standard Audit File for Tax) regulations in Romania began on January 1, 2022, for large taxpayers, with a phased approach expanding to medium-sized and small taxpayers by January 1, 2025. All VAT-registered entities must submit the SAF-T D406 statement either monthly or quarterly, depending on their VAT regime.
- Required Submissions: The SAF-T D406 file includes sections for the General Ledger, Accounts Receivable, Accounts Payable, and more. Certain sections, such as Assets and Stocks, have specific submission requirements, including annual reporting and on-demand requests from tax authorities.
- Compliance Importance and Solutions: Businesses must ensure timely and accurate submission of SAF-T files to avoid penalties. Utilizing automated solutions, like those offered by Sovos, can enhance compliance efficiency and accuracy, while also supporting foreign entities in navigating VAT requirements in Romania.
Source Sovos
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