English to Romanian Bus/Financial Business/Commerce (general)

For certain imported services, for which the place of supply is deemed to be in Romania (i.e. renting of tangible goods, leasing of movable goods, supply of personnel, transfer of copyrights and similar assets, advertising services, consulting services, data processing, banking and financial operations, etc), the law imposes application of the VAT ‘reverse-charge’ mechanism by the Romanian beneficiary of the services.
Under this mechanism, Romanian companies or individuals are required to account for VAT on imported services, paying the tax effectively to the state budget within 7 days from receiving the invoice or at the moment of external payment if no invoice is received. The tax borne is credited in the next month.