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The granting of holiday vouchers in Romania

29 Jun 2015

The granting of holiday vouchers in Romania

This is not a new benefit in kind but a rather old one. Still, we consider that bringing the subject into present times was a valuable action, as few of foreign business owners and managers have knowledge about it.

What are vacation vouchers?

They are benefits in kind available for Romanian established companies and their employees starting February 2009. During the 7 years the benefit was „on the market”, few changes have been inserted into its granting procedure or taxable treatment.

Vacation vouchers represent vouchers that can be granted by Romanian established companies to their employees, for vacation purposes inside Romanian territory. All Romanian companies are eligible for granting this benefit in kind, once per year for each active employee, with minimum taxation treatment applied of 16% income tax.

This type of vouchers is considered as a strong employees’ motivation tool, thus the benefit in kind is inserted into the C&B (compensation & benefits) plan of many Romanian companies. The process of granting them is a simple one and can bring back to you as employer a proactive working environment with positive employees, thus a higher retention and engagement level inside the company.

How does it work?

Starting 2015, vacation vouchers are issued solely by Romanian National Authority for Tourism, in online system (format) and can be used only in those resorts that are accredited by the Romanian National Authority for Tourism. You, as employer have the power to decide if you want to grant them to your employees or not, as you will be paying and the employees will benefit from them. This approach makes vacation vouchers a voluntary / optional benefit in kind.

There is a certain threshold concerning their value you need to respect, for them to be fiscally advantageous.

Thus, the maximum limit is of 6 minimum gross base salaries applicable in Romania, meaning 6.300 lei (1.400 Euro)/ per employee. Remember the vouchers can be granted once per year for each employee, and its granting excludes granting additional vacation bonus or health treatment tickets to those employees.

Why use them?

Above all, from fiscal perspective vacation vouchers have a minimum taxable treatment for your company; they are solely subject to income tax of 16%, tax that is considered to be an employee sustained tax.

From emotional perspective, vacation granting will have an important positive impact among your employees! Why?

Because most of them do not manage to allocate such an amount from their own budget to a vacation. With 1.400 Euro your employees have the option of choosing a lower comfort resort and bring their family along.

Work/life balance is a very important aspect you as employer need to consider, as positive, engaged employees can really bring added value to your business!

 

Check out our HR platform here!

Contact:

Maria Cojocariu

Payroll manager

maria.cojocariu@accace.com

+40 314050440


Other similar articles:
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Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading outsourcing and consultancy providers in the region. Engaging over 600 experts, we have vast experience with handling small to large scale, multi-country outsourcing projects and providing a comprehensive range of our services to over 2,000 customers.

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Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Covering almost 40 jurisdictions with over 2,000 professionals, we support more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 170,000 pay slips globally.

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