Romania Moves to Mandatory E-invoicing for B2B Transactions with EU Authorization
The Council of the European Union authorized Romania to extend mandatory e-invoicing for B2B transactions.
Timeline
From January 1, 2024 until December 31, 2026, or until the rules of the VAT in the Digital Age (ViDA) Proposal are introduced (whichever is earlier), Romania is authorized to accept electronic invoices for all transactions carried out between taxable persons established in the country. With this approval, Romania will mandate B2B e-invoicing as of January 1, 2024.
Impact
Making e-invoicing mandatory for B2B transactions will simplify the compliance processes for businesses and reduce their administrative burden. In the long run, it will also eliminate the costs of creating, sending, processing, and storing paper-based invoices.
Businesses should consider reviewing their IT systems, ERP systems, and invoicing processes to prepare themselves for the upcoming e-invoicing mandate.
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