Romania has confirmed it is introducing obligatory SAF-T reporting, known officially as the D406 Informative Declaration, from January 2022, and thus it joins a growing list of European countries to adopt SAF-T.
The obligatory SAF-T reporting in Romania
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Romania
Author: Kristina Dosen
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Content accuracy validation date:
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While Romania already has VAT reporting requirements in place in the form of its D394 form, it is believed to be turning to SAF-T due to the more comprehensive coverage it offers and its ability to include data beyond the realms of VAT transactions. To ensure VAT reporting does not become burdensome for businesses following the arrival of SAF-T next year, Romania is thought to be considering abolishing D394 once SAF-T is up and running.
For large taxpayers, reporting typically is completed on a monthly basis: SAF-T files will need to be sent to tax authorities by the end of the month following the reporting period.
SAF-T in Romania will be imposed on all foreign entities that are registered in the country for VAT purposes, meaning even organizations' headquarters that trade in Romania will be affected.
Of course, a grace period of 3 months is granted, so non-compliance with SAF-T rules will not initially be penalized. However, files from January, February, and March 2022 will be legally required by the end of April 2022 at the latest. From that point, failure to submit within the specified deadlines will incur fines up to RON 5,000.
One peculiarity of the Romanian SAF-T system is that Romanian authorities will expect the final D406 report to be submitted as a PDF with an XML file attached. The initial Standard Audit File can be submitted in XML format though, as is frequently the case among SAFT schemes across the world.
Romania is the latest in a long list of countries to put its faith in SAF-T reporting for ensuring accuracy in its VAT data and ultimately maximizing its revenues. It is expected that many more national tax authorities to follow suit over the years to come.
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