The guidebook will be published through an order of the Finance Ministry.
The VAT system will be enforced only for persons subject to taxes with the registered headquarters in Romania, the norms setting up the categories of persons subject to VAT due on invoice payment as of January 2013 and of those enforcing the system in the second half of the fiscal year.
The norms also set the calculation basis of the reference turnover, at which the system is enforced. Only taxpayers with an annual turnover below 2.25 million lei (EUR500,000) will be required to use this system.
The norms also set the operations excluded from enforcing the system as well as regulations to adopt or give up the system making VAT due on invoice payment.
A Government ordinance approved end-August makes VAT due on the payment of the delivery or service provided, but no later than 90 days after the invoice was issued.
Romania’s Government estimated in August that making VAT due on invoice payment starting next year will increase the GDP by about 0.5%, as well as improve employment and the public’s income.