Romania 2016 VAT changes
- 28 September 2015 | Richard Asquith
The Romanian Parliament has ratified the 2016 VAT Code, with new changes coming into effect on 1 January 2016.
- The standard VAT rate will be cut from 24% to 20% on 1 January 2016. There will be a further 1% cut to 19% in 2017
- The widening of the domestic reverse charge mechanism to construction, precious metals, computer chips, gaming consuls, laptops, computer tablets, mobile phones and precious metals
- Entrances fees to sporting, cultural events, cinema and theatres will be subject to the 5% VAT rate instead of 9%
- Printed books, magazines and newspapers will be subject to the 5% rate
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.