Romania's Tax Agency to reimburse EUR 350 mln of VAT. New VAT registration procedures

Romania's National Agency for Fiscal Administration (ANAF) will reimburse EUR 350 million worth of Value Added Tax to companies in July, after having reimbursed a similar amount in June. The authorities in Romania have recently changed the procedures for companies registering for VAT payments. Until May this year, new companies which chose to become VAT payers were automatically registered as such. Under the new ruling, companies have to comply with a certain set of rules related to the use of their social headquarters and to be checked by one of the ANAF inspectors prior to receiving the approval to become VAT payers. This would slow down the process and could potentially decrease the number of VAT payers in Romania. The level of VAT in Romania is of 24 percent, having been increased from 19 percent last year, in an attempt to increase budget revenues. editor@romania-insider.com (photo source: Sxc.hu)