Tax Flash No. 25/2012

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Law 208/2012 approving Ordinance 15/2012 amending and completing the Fiscal Code was published in Official Gazette 772/2012

  • The law specifically provides that suppliers applying the VAT cash deferment system and settling the entire/ partial value of the supplies of goods / services in cash from the beneficiaries after issuing the invoices, shall collect the related VAT upon the cash collection.
  • For the operations carried out during the period when the taxable person applies the VAT cash deferment system and the moment when the taxable person starts applying this system, the VAT chargeability occurs upon the actual payment, as per the provisions of the law.
  • Taxable persons will deduct VAT as per the standard rules for the acquisitions performed during the period when the taxable person no longer has the obligation to apply the VAT cash deferment system and the moment when the taxable person applies the normal VAT system.

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