Romania Publishes Final Ordinance for Introduction of VAT Split Payment System

On 30 August 2017, Government Ordinance No. 23/2017 was published in Romania's Official Gazette. The Ordinance introduces the country's new split payment system for value added tax (VAT). Key points of the split payment system include:

• All VAT registered persons must use separate VAT accounts for receiving and making VAT payments;
• The split system applies for all supplies of goods and services considered made in Romania, with the exception of supplies under special VAT schemes, such as the …