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Romanian VAT registered entities are required to file periodic VAT returns. The normal VAT return filing period for businesses is monthly. As an exception, quarterly VAT returns may be filed by a taxable person that:

1. Ìý

   •ÌýÌýÌýÌý at the date of incorporation, expects to achieve a turnover in the period until the end of the year of less than €100,000, recalculated for the number of months remaining until the end of the year; and

2. Ìý

   •ÌýÌýÌýÌý during the previous year, achieved a turnover of taxable and/or exempt supplies with deductibility of VAT, lower than €100,000 and has not made intra-EU goods transactions.

The €/RON exchange rate is the exchange rate published by the National Bank of Romania at 31 December of the previous year.

All returns must be submitted to the tax authorities in an electronic format using a digital certificate.

In certain situations, the tax authority may approve other VAT return filing periods, such as:

1. Ìý

   •ÌýÌýÌýÌý six-monthly,