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Romanian Fiscal Code – new amendments effective from 1st of January 2014 (Tax & Fiscal Alert)

19 Dec 2013

New amendments have been brought to the Romanian Fiscal Code by Emergency Ordinance no.102/ 2013 (published in Official Gazette no.703/ 15th of November 2013). These will enter into force starting 1st of January 2013 and will impact at least almost every company

 

Download – Romanian Fiscal Code: new amendments effective from 1st of January 2014 (Tax & Fiscal Alert) and find out more about how the following matters will be applied starting January 2014:

 

Introduction of a new tax – Tax on constructions

    • Categories of taxpayers will have the obligation to pay the new tax,
    • Types of constructions subject to new tax
    • Applicable tax rate and taxable base
    • Reporting and payment obligations

Corporate income tax

    • New provisions have been introduced to sustain holding companies
    • Possibility to use a fiscal year different from the calendar year and the related requirements
    • The sponsorship expenses not allowed for deduction at corporate income tax computation may be carried forward for seven years
    • New provisions have been introduced regarding the  possibility and conditions for deferral of deduction rights for interest and net losses from foreign exchange differences, in case of mergers/ spin-off projects
    • Provisions are available regarding the possibility and conditions through which legal entities from EU Member States/ European Economic Area, that operate through a permanent establishment in Romania, to benefit from a foreign tax credit for income taxed abroad

Income tax

    • Income from independent activities
    • Income from the rental activities
    • Income from agricultural activities
    • Incomes from prizes and gambling
    • International fiscal aspects

Micro-enterprises revenue tax 

    • The type of tax due is now clarified for micro-enterprises that obtain income from consultancy and management activities.
    • Starting 1st of January 2014, the Fiscal Code also brings new amendments to taxable base computation method

Withholding tax

    • Modifications related to holding period
    • The application of provisions of the Interest and Royalties Directive 2003/49/EC – limitations

VAT

    • The insurance cost related to leased goods – alignment with EU jurisprudence
    • Exemption applicable for vessels intended to be used for sea navigation
    • VAT adjustment is no longer needed in case of stolen goods in certain conditions
    • New information has been added for VAT adjustment in case of capital goods used for other purposes than economic activities
    • New VAT registration requirements have been published for Romanian legal entities

Excise duties

    • Introduction of the prohibition of selling cigarettes to individuals at a price lower than the declared retail price, and its related offence
    • Exchange rate used for conversion for excise duties and tax on oil from domestic production expressed in EUR amount
    • New level of excises is established for the following goods: leaded gasoline, unleaded gasoline, diesel fuel and kerosene used as motor fuel

Local taxes

    • Clarifications related to building tax

Other tax changes of interest

    • Taxpayers declared inactive or having an invalid VAT number/ canceled
    • Mining royalties

 

Download full Tax & Fiscal Alert

 
Contact
Ana Maria Graure
Tax Manager
Anamaria.Graure@accace.com

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