THE IMPLICATIONS OF ADOPTING THE OPTIONAL VAT AT COLLECTION

Roxana Ispas, Titu Netoiu and Nela Loredana Meita
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Roxana Ispas: University of Craiova Faculty of Economics and Business Administration
Titu Netoiu: University of Craiova Faculty of Economics and Business Administration
Nela Loredana Meita: University of Craiova Faculty of Economics and Business Administration

Annals of University of Craiova - Economic Sciences Series, 2014, vol. 2, issue 42, 201-206

Abstract: The value added tax (VAT) collection system, which is applied to any company with a turnover of up to 500,000 Euros, has become optional from 1 January 2014. Since January 1, 2014, taxpayers may choose the optional introduction of new system of VAT collection anytime during the year 2014 by filing a notice from the IRS, SELF removal from the register of taxable persons applying this system. By making changes and deregistration itself, taxpayers will continue to apply the system of VAT collection.For operations whose VAT chargeable event occurred until 31 December 2013 for the invoices issued before that date, in the event that the 90th calendar day from the date of invoice or the date set imitates the chargeability of tax occurs on full or partial consideration receipt of goods delivered or services rendered. Changing the Tax Code is provided in GEO no. 111/2013, published in Official Gazette no. 809 of 19 December. New tax rules allow taxpayers to decide if they want apply VAT at collection system, this decision targeting about half a million taxpayers from Romania.

Keywords: VAT; taxpayers; small and medium enterprises (SMEs); Non-exigible VAT; operations (search for similar items in EconPapers)
JEL-codes: G0 G32 M21 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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