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VAT Cashing System: between Myth and Reality

Author

Listed:
  • Roxana ISPAS

    (University of Craiova)

  • Lavinia Maria NETOIU

    (University of Craiova)

  • Nela Loredana MEITA

    (University of Craiova)

Abstract

The value added tax (VAT) collection system, which is applied to any company with a turnover of up to 500,000 Euros, has become optional from 1 January 2014. Since January 1, 2014, taxpayers may choose the optional introduction of new system of VAT collection anytime during the year 2014 by filing a notice from the IRS, SELF removal from the register of taxable persons applying this system. By making changes and deregistration itself, taxpayers will continue to apply the system of VAT collection.For operations whose VAT chargeable event occurred until 31 December 2013 for the invoices issued before that date, in the event that the 90th calendar day from the date of invoice or the date set imitates the chargeability of tax occurs on full or partial consideration receipt of goods delivered or services rendered.Changing the Tax Code is provided in GEO no. 111/2013, published in Official Gazette no. 809 of 19 December. New tax rules allow taxpayers to decide if they want apply VAT at collection system, this decision targeting about half a million taxpayers from Romania.

Suggested Citation

  • Roxana ISPAS & Lavinia Maria NETOIU & Nela Loredana MEITA, 2014. "VAT Cashing System: between Myth and Reality," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(16), pages 119-123, December.
    • Handle: RePEc:aio:fpvfcf:v:1:y:2014:i:16:p:119-123
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    File URL: http://feaa.ucv.ro/FPV/016-012.pdf
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    More about this item

    Keywords

    VAT; taxpayers; small and medium enterprises (SMEs); Non-exigible VAT; operations;
    All these keywords.

    JEL classification:

    • G0 - Financial Economics - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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