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President Klaus Iohannis has promulgated on Wednesday the law amending the ordinance on split VAT.
“The President of Romania, Mr. Klaus Iohannis, has signed the Decree on the promulgation of the Law on the approval of Government Ordinance No. 23/2017 on the payment of split VAT,” the Presidential Administration informs on Wednesday.
The Government emergency ordinance issued by the Mihai Tudose cabinet stipulated that all companies in Romania will open a separate VAT account as of January 1, but the law amended by Parliament restricts the extent of those affected by this legislative provision.
The VAT broken-down payment system will be mandatory for individuals registered for VAT who have VAT arrears or are insolvent.
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