In the Official Gazette of Romania, Part I, no. 809 of 19th of December 2013,  the Government Emergency Ordinance no. 111/2013 was published to regulate certain fiscal measures and to amend certain normative acts.

I. Modification of the Fiscal Code

Emergency Ordinance establishes that the cashing system of value added tax (VAT), which currently applies to taxable individuals with turnovers up to 500,000 euros, will become optional starting from the 1st of January 2014.

In this respect, taxable persons that apply the VAT cashing system on the 1st of January 2014 have two possibilities:

1. They may continue to apply the VAT cashing system without filing any notification, if they are eligible for applying this system, in this case it shall be deemed to have chosen to continue to apply the system.
2. They may choose not to apply the VAT cashing system at any time during the year 2014 by submitting a notification to the fiscal authorities in order to be removed from the register of taxable persons applying VAT cashing system. The fiscal authorities operate the removal from this register starting from the 1st of the following tax period in which the notification was submitted. Until the date of deletion taxpayers must apply the VAT cashing system.

The provisions above do not apply to taxable persons who register for VAT purposes during the year 2014 and who choose to apply the VAT cashing system, who are required to apply this system at least until the end of 2014, except  when they exceed the limit of 2,250,000 lei.

Both in the cases of taxpayers who continue applying the VAT cashing system and those leaving the system, for the operations whose fact that generates tax intervened before the 31th of  December 2013 including, and for bills issued before this date, where in the 90th calendar day from the invoice date or from the deadline stipulated by law to issue the invoice is after December 31th 2013, the exigibility of tax occurs on full or partial cashing of the value of the goods delivered/ services rendered.

II. It is postponed until the 1st of April 2014, application of stipulations of GEO no. 102/2013 regarding the level of excise of 7 eurocents / liter of fuel.

III. Law no.148/2012 is repealed regarding the registration of commercial transactions through electronical means.

:: The source:  JURIDICE.ro

Violeta SECELEANU