WEST REGION
EVENTS
How to apply the new VAT threshold
The ceiling's increase from 35.000 Euro to 65.000 Euro will become effective from July 1. The Emergency Ordinance was published last week in the Official Monitor and presents how it will be applied this year.
The amendment consists of increasing the ceiling from 35.000 Euro annual turnover to 65.000 Euro. According to the exchange valid at the time of accession to the EU of 3.3817 Lei, that is 220.000 Lei.
The amendment applies to companies registered in Romania, regardless the form of their organization.
The taxpayers established until this year or in 2012 are required to register for VAT if during the January to June 2012 period they exceed the exemption threshold still existing of 119.000 Lei. For the period July to December will be applied the new ceiling of 220.000 Lei. Companies are required to register for VAT if their businesses exceed this limit.
In determining this limit is taken into account the company's turnover in the first half of this fiscal year. Companies that applied for registration for VAT until July 1, 2012, but their businesses are below the limit of 220.000 Lei, they may request the removal of the records for exemption of VAT from that date.
For removal of the registration for VAT, companies must submit the 096 Declaration concerning cancellation of registration for VAT. Forms can be submitted between 1 and 10 of each month. A company becomes non-taxable from the date on which the IRS shall notify this decision.
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Location: in the western part of Romania - to the north of West Region. The city is only 60 km away from the border with Hungary.Owner: Arad City Council Description of the Arad West Industrial Zone·...