Examples of using VAT split in English and their translations into Romanian
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Current account for VAT split payment.
VAT split payment- Impact for business.
What does the VAT split payment system involve?
Deloitte Events: Interactive seminar- The VAT split payment.
Webcast“VAT split payment- Impact for business”| 11 August.
Persons required to apply the VAT split payment system.
VAT split payment system, mandatory from 1 January 2018.
Amendments and clarifications regarding the VAT split payment system.
The VAT split payment mechanism was approved by the Government.
Changes its ANAF status- VAT payer,VAT on receipt and VAT split.
VAT split payment- the amendments to the final form of the law, sent for approval to the President.
For more details and registration,please access this link: VAT split payment.
Romania will have to take action on the VAT split payment mechanism, otherwise the infringement procedure may continue.
On 18 August, the Ministry of Public Finances(“MFP”)updated the draft Ordinance on the VAT split payment.
Register of persons applying the VAT split payment", which will include the list of taxpayers applying the scheme.
Unregistered companies for VAT purposes will not be affected in any way by trading with companies that apply VAT split.
The law for approving the Ordinance regarding the VAT split payment was approved by the Chamber of Deputies and sent for approval to the President.
Secure VAT is a protection system against losses caused by business partners who have an invalid VAT code,who apply VAT split or VAT on cashing.
For more details andopening a current account for the VAT split payment, we invite you to any of the territorial units of OTP Bank Romania SA.
With regard to companies subject to insolvency law atthe end of 2017, they will fall within the scope of the VAT split payment mechanism as from 1 March 2018.
Entities with State Treasury accounts for receiving and making VAT split payments will be issued electronic account statements(in PDF and XLM format), free of charge.
The VAT split payment mechanism was approved without any substantial amendments compared to the updated Project of the Government's Ordinance, published on 18 August 2018(presented in our tax alert of 21 August).
OTP Bank Romania SA offers you the possibility to open current accounts for the VAT split payment, adding the following benefits.
Of 28 December 2017, establishes that the VAT split mechanism is mandatory only for companies in insolvency and for those which register VAT debts, over a certain limit(at the end of 2017 and then starting in January 2018).
The Romanian Government has adopted the necessary legislation in order to establish a system for the VAT split payment which will be optional as of 1 October 2017 and mandatory as of 1 January 2018.
The Order details the procedure andconditions for the approval of requests for VAT amount transfers from dedicated VAT accounts to current accounts(under Ordinance no. 23/2017 regarding the VAT split payment mechanism) in specific cases, as follows.
Do you want to avoid the risk of penalties triggered by incorrect payments to VAT split suppliers(amounting to 0.06% of VAT x number of days from payment date until correction date)?
Entities with State Treasury accounts for receiving and making VAT split payments will be able to use electronic multiple payment orders(EMPO) to make payments to other VAT accounts, i.e. either for the payment of VAT to the state budget or for the payment of VAT to supplier.
Therefore, the obligation to pay the VAT equivalent of the purchases of goods and services in a special VAT accountof the supplier or supplier applying the VAT split payment mechanism will only be reimbursed to companies registered for VAT purposes.
OTP Bank Romania SA offers you the possibility to open current accounts for the VAT split payment, adding the following benefits: FREE of charge VAT account opening,… I want details OTPdirekt.