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What does VAT account mean?

Legal entities and individuals who pay value-added tax and who provide services or deliver taxable goods in Romania will be required to have a VAT account. This is an additional bank account, opened in lei and, if necessary, in foreign currency, through which clients will manage the amounts related to VAT for the products and services sold/purchased.

Anyone who is a VAT payer is obliged to have opened at least one VAT account starting from January 1, 2018 (optional from October 1, 2017), according to ordinance 23/2017.

If you are a BT client, you can open on the spot a VAT account, for free, in any unit Banca Transilvania. 😊

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