Invoicing and Tax regulation in Romania
Invoicing Regulation in Romania
In Romania, invoicing regulation is necessary and follows the European Union's policies with additional domestic rules. These invoices must include details such as tax point date, sequential invoice number, VAT identification numbers of both supplier and customer, and a simplified invoice for retail or for amounts under €100.
Real-time Reporting / Fiscalization in Romania
Romania mandates real-time reporting or fiscalization for all businesses. Business-to-person (b2c) transactions typically require the use of fiscal cash registers, which must be periodically verified and registered with the Romanian tax authorities. These systems record sales transactions and generate fiscal receipts.
E-Invoicing in Romania
Although e-invoicing is not obligatory, it is being increasingly adopted by businesses in Romania. Its legal validity and the possibility of using electronic signatures contribute to the reduction of bureaucratic procedures. However, special rules must be followed to ensure authenticity and correct data content is maintained.
VAT/GST/Tax Compliance in Romania
VAT Compliance is compulsory in Romania. The standard VAT rate is 19%, but reduced rates of 9% and 5% apply to certain goods and services. The GST component is integrated into the VAT. Companies are required to register for VAT if the total value of their supply of goods/services exceeds RON 300,000 per year. Businesses-to-business (b2b) and business-to-governmental (b2g) transactions are subject to similar VAT invoicing rules as b2c transactions.