The Ministry of Economy and Finance has issued guidelines regarding the completion of Value Added Tax records and has published model records in the Official Gazette. In May these models were updated in order to reflect the legislative changes in 2007.
The new guidelines contain information both on the records and documents which taxable persons are obliged to keep, and the minimum elements necessary when preparing them.
The documents comprise the accounting records related to the economic activity of the taxable person (sales/purchases records); the second copy of invoices or other documents related to economic activity which have been issued by the taxpayer; invoices or other documents related to trade activity; customs documents and documents regarding excises related to imports, exports, intra-community deliveries and acquisitions carried out by the taxpayer; a register regarding the non-transfer of goods; a register of movable goods received from another EU Member State for the purpose of giving a specialist opinion or for work carried out on such goods in Romania.
The Order includes new models to serve as guidelines for the categories of ledgers and registers which must be held by VAT taxable persons, which comprise sales ledger, purchases ledger, the register for non-transfers of goods, the register for movable goods received for the purpose of giving a specialist opinion or for works performed on such goods. These documents can be prepared manually or electronically.
The headings of the purchases ledger have been reorganized to reflect the similar VAT treatment of several operations. Therefore the acquisition of goods and services from Romania and the imports of taxable goods are only distinguished through the rate of taxation (9 or 19%) and not through the nature/purpose of the goods/services as previously.
Within the intra-community acquisitions section, operations have been regrouped into taxable, exempt and not taxable. Moreover, a distinction is made between goods which are taxable according to the provisions of an article of the Fiscal Code related to “payers of value added tax for taxable operations performed in Romania” and those for which the beneficiary is taxable according to the simplification measures mechanism.