The import VAT abeyance scheme has been extended in Romania under a Order issued by the Ministry of Finance at the end of last month.
At present, persons who are owner of the specialized VAT deferment certificates are offered the opportunity to postpone the cash payment of import VAT. Typically, these are the very largest taxpayers, who must exhibit imports above RON 100 million (€20 million) per annum in prior years. They are then able to operate the VAT reverse charge.
The new offer will enable most importers to take opportunity of the option of postponing any VAT cash flows. Specially, it will be available to any authorized economic operator (“AEO”), as in accordance with the EU VAT Directive.
Furthermore the AEO businesses, VAT registered businesses that have customs clearance procedures may defer import VAT also. There is no import VAT to pay if the business makes an intra-community supply of the imported goods.
