Romania delays VAT split payments 1 Mar 2018
- 17 December 2017 | Richard Asquith
Reports are emerging that Romania will delay the introduction of Split Payments until 1 March 2018. The plan had been to introduce the anti-VAT fraud measure on 1 January 2018.
Split Payments requires the customer on a B2B transaction to pay the VAT element of a transaction directly into a controlled VAT bank account of the vendor of the goods or services. This account may only be used by the vendor to settle their VAT liabilities, unless special permission is granted by the tax authorities for other purposes.
The proposal had already been watered down from including all companies to just those in financial difficulties and administration.
Poland is also planning to introduce Split Payments in 2018, but has delayed its introduction to 1 April 2018, too.
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