Quarterly VAT payers with less than EUR 35,000 turnover may now choose to be VAT deregistrated. This request should be submitted in written before 20 January 2011 and will become effective with 1st of February 2011.
Please be aware that this procedure requires that VAT should be first collected for the remaining amount of fixed assets and/or stocks, where applicable.
VAT receivable from the state budget will not be written off and can be further requested (only if exceeds RON 5,000).
Advantages:
- VAT compliance is no further necessary
Disadvantages:
- VAT certificate will be canceled;
- company loses the right to deduct VAT tax from the purchases;
- when you decide to run intra-community transactions or the annual turnover will exceed EUR 35,000 threshold, VAT registration will become again necessary.
In case you would like to proceed with VAT deregistration, we will be glad to offer you our support and assistance with the whole procedure.
In case of any questions please feel free to contact us at [email]romania@accace.eu[/email]
