On 07^th September 2022, the Order 2048/2022 regarding the completion of the accounting regulations applicable to economic operators was published in the Official Gazette 878 of 07.09.2022.

The Order transposes into national legislation the provisions of Directive (EU) 2021/2.101 of the European Parliament and of the Council on 24^th November 2021, amending Directive 2013/34/EU regarding the presentation by certain companies and branches of information regarding the profit tax, published in the Official Journal of the European Union, series L, no. 429 on 1^st December 2021.The entities and branches that will have the liability to submit reports regarding profits tax with applicability from 1^st January 2023 are the following:

• ultimate parent companies, having a consolidated net turnover exceeding, on their balance sheet date, for each of the last two consecutive financial years, the amount of RON 3.700.000,000 (the equivalent of RON 747.474.740 at the exchange rate published in the Official Journal of the Union European Union on 21 December 2021), as reflected in their consolidated annual financial statements, have the obligation to prepare, publish and ensure access to a report on the information related to the profits tax for the most recent of the respective two financial years consecutive. An ultimate parent company is no longer subject to the established reporting obligations when its consolidated net turnover at the balance sheet date falls below the amount of RON 3.700.000.000 for each of the last two consecutive financial years, as reflected in its annual consolidated financial statements;
• independent entities having a net turnover exceeding, on their balance sheet date, for each of the last two consecutive financial years, the amount of RON 3.700.000.000, as reflected in their individual annual financial statements, have the liability to prepare, publish and ensure access to a report related to profits tax for the most recent of the respective two consecutive financial exercises. An independent entity is no longer subject to report if its net turnover at the balance sheet date falls below RON 3.700.000.000 for each of the last two consecutive financial years, as reflected in its financial statements;
• medium and large subsidiaries that are controlled by an ultimate parent company that does not fall under the scope of these regulations, when the consolidated net turnover exceeded on the balance sheet date or, for each of the last two consecutive financial years, the amount of RON 3.700.000.000, as reflected in its consolidated financial statements, have the liability to publish and ensure access to a report related to profits tax regarding the respective ultimate parent company for the most recent of the respective two consecutive financial years;
• branches in Romania, established by entities that do not fall under the legislation of a member state, have the obligation to publish and ensure access to a report related to profits tax regarding the ultimate parent company or the independent entity, as regards the most recently between the last two consecutive financial years.

The content of the profits tax information report will include the following:

• the name of the ultimate parent company or the independent entity, the financial year in question, the currency used to present the report and, as the case may be, a list of all consolidated subsidiaries in the financial statements of the ultimate parent company, for the relevant financial year, established in the Union or in the fiscal jurisdictions included in annexes I and II to the Council Conclusions regarding the revised EU list of non-cooperative jurisdictions for fiscal purposes;
• a brief description of the nature of their activities;
• the number of employees in full-time equivalent;
• the income, which represents the sum of net turnover, other operating income, income from participation interests, with the exception of dividends received from affiliated entities, income from other investments and loans that are part of fixed assets, other interests of collected and other similar incomes;
• the amount of gross profit or loss(es);
• the amount of the profits tax accumulated during the financial year in question, which represents the current expenses with recognized taxes regarding the taxable profits or losses from the financial year in question by entities and branches, in the relevant fiscal jurisdiction;
• the amount of profits tax paid in cash, which represents the amount of profit tax paid during the financial exercise in question by entities and branches in the relevant fiscal jurisdiction;
• the amount of accumulated earnings at the end of the financial exercise in question.