NEXPARO: expat certified accounting

NO. In Romania it is important to issue invoices correctly and to make sure that received invoices are correctly issued by your providers. The Tax Agency will not accept invoices even if they have only minor formal defects with the result that these expenses cannot be deducted, you will pay higher taxes and, on top of it,  you will be fined for tax evasion plus interest in case of inspection. But with NEXPARO accounting systems you can be sure of proper invoicing and controlling of suppliers documents . since 2024 E-Factura is a must required sending system for every business in Romania.

If your business or services are dealt locally , you can only collect in RON (aka LEI), which is Romanian National Currency.

The main taxes that you need to take care of when having a business in Romania are : VAT and Revenue or Profit Tax.

The B2B rule locates the transaction where the business customer is located. In case the customer is a private individual, B2C rules locate the transaction where the supplier is located. According to the general B2B rule, any business not established in Romania supplying services to a Romanian registered customer, under EU zone, will not charge any VAT and the transaction will be reverse charged by the customer.

There are however a number of exceptions to this rule. Where these exceptions apply, as well as diverse quotas for specific goods and business run locally. Only with a proper expertise you can be sure you properly manage all the regulations and on-time changes of regulations.

Revenue and Profit Tax have also specific benchmarks and restrictions and in order to minimize tax you need a specific analysis to your own business model and perspectives.

The answer is NO. in order to keep bank statements and submit tax statements any company established in Romania needs the professional services of a certified accountant.

CEECAR is the body of expert and licensed accountants in Romania?CECCAR was established by Royal Decree of King Ferdinand I on July 13th, 1921, and subsequently reestablished in 1994 by Government Ordinance No. 65 of 1994. CECCAR is comprised of expert accountants and licensed accountants, who must join CECCAR to offer related services. NEXPARO offers certified accounting, legal and business services through accredited members of CECCAR, Romanian Bar for lawyers , or other business related Authorities and Bodies