November 22, 2017

Sole traders and microenterprises with turnover under 65,000 Euro to be exempt from VAT

PM Victor Ponta said that registered sole traders and microenterprises that have a turnover of less than 65,000 Euro per year will be exempt from paying VAT, under an emergency ordinance passed by the government on Wednesday. The VAT exemption limit is currently 35,000 Euro, calculated based on the exchange rate valid when Romania joined the EU (about 3.3 lei per Euro). The limit will thus be hiked from 119,000 lei to 220,000 lei. PM Ponta said previously that the government would approve on Wednesday a government ordinance ruling that all registered sole traders with up to 65,000 Euro income per year would be exempt from paying VAT, a measure that would also apply for artists and the media.

Source: Bucharest Herald (read more)

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