A New Form Instead of Three Fiscal Declarations to be Submitted by August 10

Written by: Bridgewest

The fiscal obligations for taxpayers in Romania need to be attentively considered, especially by those who must submit particular declarations by August 10. At the moment, there are three kinds of forms of submission which can be replaced by a new one that contains all the categories of taxpayers in Romania. Complete information about the fiscal code and the requirements for companies and sole traders in Romania can be provided by our team of accountants in Romania. Also, they can help you with audits for your company in Romania.

The electronic form 700 replaced three declarations

Juridical persons whether domestic or foreign entrepreneurs need to submit three fiscal declarations like form 010, form 020 and form 070. The good news is that these three declarations are now replaced by the new electronic form 700. This is a declaration for registering or modifying the category for the fiscal obligations registered by the tax vector. Instead of dealing with bureaucratic matters or any related misunderstandings, we invite you to talk to our Romanian accountants and solicit information.

Who needs to submit the electronic form 700?

Entrepreneurs with incomes below the 300.000 lei threshold VAT as established recently this year, need to consider the electronic form 700 and submit it by 10th of August. This form is necessary for individuals who want to be eliminated from the list of persons registered for VAT with the rules of the formerly applicable threshold. As mentioned above, this fiscal declaration replaces form 070 which is a declaration of VAT cancelation for persons who perform freelance activities of independent businesses.
Also, the declaration for Romanian and foreign citizens who have personal identification numbers, and the statement of radiation for entities without legal personality, meaning form 020 and form 010 respectively have been replaced by the new electronic declaration 700.

Other forms to be submitted by 10th of August

Farmers in Romania need to submit the form 087 if they choose the special VAT scheme imposed for the agriculture sector to VAT payers. Knowing the fiscal regime and the rules regarding the declarations in this sense will help entrepreneurs understand better the requirements of the financial sector in Romania.
Support and assistance can be provided by our Romanian team of accountants if you contact us.