VAT Registration Turnover Limit Raised To EUR50,000 In August

05.15.2011 By Bostan Radu

Romania's Government has postponed for August its plan to raise the level of turnover after which the registration and payment of VAT becomes mandatory to EUR50,000, from EUR35,000, says the letter of intent to the follow-up deal with the IMF.

The Government's original plan was to raise this level to EUR50,000 in June.

Alongside this change, the Finance Ministry will introduce a simplified taxation system for companies with turnover below the EUR50,000 threshold.