They said the ministry was working on split VAT regulations to reduce tax evasion and considering electronic invoicing for entities working with the state, and expanding reverse taxation in areas with higher risks of tax evasion.
The 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.
Finance ministry officials said Wednesday state companies and private companies doing business with the state would open VAT accounts at the state treasury, free of charge. The ministry also plans to require banks not to charge anything for 90 days for opening VAT accounts for foreign currency operations.