VAT account

It is the account dedicated to the payment and collection of value added tax (VAT) related to the purchases of goods and services.

  • Zero administration commissions for VAT account in lei
  • Zero commission on electronic transactions in lei, except for SENT and ReGIS commissions

Details

  • Features:
    • The IBAN code contains “VAT” characters
    • Cash withdrawals cannot be made through this account
    • The use of the VAT account is optional starting with October 1, 2017 and mandatory for legal entity clients registered for VAT purposes which fall under at least one of the following provisions:
      • On December 31, 2017 register outstanding VAT tax liabilities, unless the foreclosure proceedings are suspended,  higher than 15.000 lei for large tax payers, 10.000 lei for medium tax payers, 5.000 lei for the remaining tax payers, if not paid until January 31, 2018;
      • Starting which January 1, 2018 register outstanding VAT tax liabilities, not paid within 60 days from maturity, unless the foreclosure proceedings are suspended, higher than 15.000 lei for large tax payers, 10.000 lei for medium tax payers, 5.000 lei for the remaining tax payers;
      • Fall under the national insolvency legislation regarding the insolvency prevention and insolvency procedures.
  • Beneficiaries: legal entities registered for VAT purposes
  • Currency: RON, EUR, USD
  • Minimum opening account: zero
  • Legal entities may order transactions from the VAT account in accordance with the legal provisions in force 
  • Costs:
    • Zero lei for VAT account opening
    • Zero lei for VAT account administration
    • Zero lei for intra and inter-bank payment order incomings;
    • Zero lei for intra and inter-bank payment order outgoings instructed through Internet Banking
    • Zero lei for outgoing payments instructed through debit instruments
  • The full list of commissions for the VAT account is available in the BCR tariffs for legal persons.

Interest

  • Interest for the VAT account – 0% per year
  • Sight deposit interest rate – 0% per year
  • Sight deposit interest rate – 0% per year

Frequently asked questions

  • You can request a VAT account opening today, the dedicated relationship manager is available for handing out the forms, taking over the requests and performing the operation. 
  • You can request your VAT account to be included even from opening or later by filling in forms specific to Internet Banking applications.
  • The VAT account is credited with
    • VAT cashed in, related to deliveries of goods/provision of services, including VAT related to advances
    • VAT collected in cash or/VAT collected by card or other substitutes of cash
    • VAT not paid in the VAT account
    • VAT related to invoices/payments instruments issued prior to the split VAT enforcement  date and paid/collected after that date.
    • amounts transferred from another holder’s VAT account
    • amounts transferred from the holder’s current account opened at the same credit institution
    • amounts cashed in as a result of corrections due to material errors in the payment process
    • amounts cashed in as a result of correction of invoices or as a result of adjusting the VAT tax base
    • other amounts resulting from operations requiring account crediting established by a ANAF (National Agency for TaxAdministration) president’s order
    • amounts representing VAT deducted between the members of the single tax group
    • interest on the VAT account

 

  • The VAT account is debited with:
    • VAT paid to the supplier/provider
    • VAT paid to the state budget
    • amounts transferred to another VAT account opened by the account holder
    • amounts resulting from corrections due to material errors in the payment process or as a result of the correction of the invoices, for which the restitution is performed to another VAT account
    • amounts resulting from corrections due to material errors in the process of payment or due to invoice corrections, for which the restitution is performed returned to an account, different than the VAT account
    • amounts transferred to the current account of the holder opened with the same credit institution
    • amounts transferred to the current account for legal entities who are no longer required to have a VAT account
    • amounts representing VAT paid in cash, except those retained from cash collections or by card from a current account
    • other amounts set by a ANAF president’s order
    • amounts transferred to the budget revenue/availability accounts
    •  commissions related to the VAT account

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