Romania is the latest in a long line of countries to rely on SAF-T reporting to ensure the accuracy of its VAT data and, ultimately, to maximize its revenues. We anticipate that many more national tax authorities will follow suit in the coming years as eInvoicing/B2G gathers pace around the world.
Businesses doing business in Romania will have a three-month grace period when SAF-T goes into effect in the new year, but this should not lull them into a false sense of security. Instead, we strongly advise that you begin preparing for SAF-T reporting as soon as possible, and that you submit in this format before the deadline.
Retrieving the massive amounts of data required to fill SAF-T reports from an ERP is a significant challenge in and of itself – and that’s before tax executives consider how to ensure their source data is complete and accurate.
The only way to successfully navigate this mission-critical task is to invest in cutting-edge tax technology and collaborate with specialists who can ensure a successful implementation that delivers complete and accurate tax data. Contact us today for more information on our successful projects in this area or to discuss your specific needs.