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VAT Cash Accounting Scheme in Romania

Author

Listed:
  • BUNEA-BONTAS Cristina Aurora

    (Constantin Brâncoveanu University Of Pitesti, The Faculty Of Management Marketing In Economic Affairs Braila)

Abstract

VAT cash accounting enables the small enterprises to account for VAT on the basis of payments received and made, instead of on tax invoices issued and received. Accordingly, the VAT payable or repayable for each accounting period is the difference between the total amount of VAT included in payments received from the customers and the total amount of VAT included in payments made to the suppliers. The VAT cash accounting scheme, recently introduced for the Romanian companies by Government Ordinance no. 15/2012, entered into force on January 1st, 2013. This article reviews the basic principles of VAT cash accounting and highlights its benefits and disadvantages. It also discusses the impact and the challenges for the Romanian companies, due to the particularities of the system.

Suggested Citation

  • BUNEA-BONTAS Cristina Aurora, 2013. "VAT Cash Accounting Scheme in Romania," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 77-83, May.
    • Handle: RePEc:tdt:annals:v:xix:y:2013:p:77-83
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    File URL: http://fse.tibiscus.ro/anale/Lucrari2013/Lucrari_vol_XIX_2013_012.pdf
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    More about this item

    Keywords

    VAT; VAT cash accounting scheme; VAT chargeability; date of payment;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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