Romania has recently adopted new legislation that aims to ensure its long-term financial stability by introducing various fiscal-budgetary measures. One of the key measures is the mandatory use of electronic invoicing for business transactions.
The legislation was signed on October 26, 2023, after being reviewed and approved by the constitutional court, and is now in force. It covers several topics related to VAT and other taxes, but the most relevant one for businesses is the obligation to issue and receive electronic invoices for B2B transactions. The electronic invoices will be generated and transmitted through a centralized system managed by the tax authorities.
Electronic Invoicing in Romania: a two-phase approach explained
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Romania
Author: Kristina Dosen
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Fiscal subject related
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Content accuracy validation date:
24.11.2023
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The implementation of the electronic invoicing system will be done in two main phases:
- Phase 1: Effective as of January 1st, 2024: B2B e-reporting for both established and non-established companies This means that companies will have to submit their invoices electronically to the system within 5 days from the date of issuance or taxable event. The system will assign an invoice number and a unique code to each invoice. No penalties will be applied for non-compliance during the first three months of this phase.
- Phase 2: Effective July 1st, 2024: B2B e-invoicing for established companies, while non-established ones remain subject to e-reporting. This means that companies will have to issue and receive their invoices through the system, which will validate and authorize them in real time. The invoices will have a digital signature and a QR code. The system will also store and archive the new e-invoices for 10 years.
The penalties for non-compliance with the electronic invoicing rules can range from 1,000 lei to 10,000 lei (approximately 200 to 2,000 euros) per invoice. Therefore, it is important for businesses to prepare for the changes and ensure compliance by the specified dates. The electronic invoicing system is expected to bring benefits such as reducing costs, errors, and fraud, as well as improving tax compliance and transparency.
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