|Update:||Compliance Alert - President signs fiscal-budgetary measures into force|
On 26 October 2023, President Klaus Iohannis signed into force fiscal-budgetary measures for ensuring Romania’s long-term financial stability, including requirements for issuing and receiving of electronic invoices.
The timelines stipulated in the draft law remain the same with the new published legislation as follows:
- Phase 1: Effective 1 January 2024 - B2B e-reporting for both established and non-established companies;
- Phase 2: Effective 1 July 2024: B2B e-invoicing (centralized CTC approach) for established companies while non-established ones remain subject to e-reporting;
- Grace period: No penalties will be levied from 1 January to 31 March 2024.
The deadline for submitting invoices during Phase 1 is 5 days from the date of issuance or taxable event with administration of an invoice.
Penalties for non-compliance levied against taxpayers can range from 1000 LEI to 10000 LEI (ca. EUR 200 to EUR 2000).