The Romanian government expects nearly RON6 billion in VAT collections from separate VAT payment accounts for companies, between 2018 and 2020, as per the ordinance.
Romania’s Finance Ministry wanted to introduce separate company accounts for the payment of the value added tax starting October but has postponed the plan until January 2018, following opposition from business owners and associations in Romania and fiscal consultants. The measure was amply criticized for its potential negative effects on small and medium-sized enterprises, as it would raise companies’ costs with separate bank accounts and accounting computer programs, affecting cash flow.
Business owners and associations in Romania, as well as fiscal consultants, are opposing the government’s plans to introduce separate VAT payment accounts for companies, arguing this would raise companies’ costs.