All the normative documents regulating the VAT and excises regime were encompassed under two distinct draft laws, to be included in the fiscal code that, according to the Finance Ministry plans, will comprise the entire legislation in this field.
Moreover, the Finance Ministry is working on a draft law to replace the existing profit tax Law, starting with January next year.
Among the most significant changes triggered by the VAT draft law, there is the inclusion of the road tax in the tax basis for which VAT is applied, TVA exemption for authorised freelancers and natural persons, and higher ceiling for VAT exemption, from 50 million lei to 150 million lei.
Another modification regards the cancellation of VAT exemption for the imported raw materials exclusively aimed at manufacturing finite goods exported within 90 days from the manufacturing date.
Moreover, the draft law stipulates that those beneficiaries contracting services from providers operating abroad and who fail to appoint fiscal representatives in Romania are no longer VAT exempt.
For exports of scrap iron, logs and alcohol, the VAT zero quota will no longer be accepted, while it has been expressly stipulated that operations under the lohn system continue to benefit from the VAT zero level. The VAT zero quota for house building will be eliminated.
VAT is to be reimbursed every month, irrespective of the kind of activities. For certain operations, the reimbursement will not be checked, as control will be performed at a later date.
The draft law on excises regime followed the merger of nine normative documents, with strict stipulations regarding the excises regime and the separation from the complementary regulations regarding fiscal surveillance and the trading licence for the products to be excised.
The draft law will set the level of particular excises in domestic currency, which will be updated every quarter, depending on the inflation rate.
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