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postedĀ 3 yearsĀ ago
The Romanian Fiscal Code has suffered consistent amendments at the end of 2020 by Law no. 296/2020 and Emergency Ordinance no. 226/2020.
Some amendments have a significant relevance in practice, namely:
New provisions for corporate income tax (CIT) grouping allow companies from the same group to offset fiscal profits and losses. Therefore, the taxable basis for CIT will be reduced to only net profits computed after compensation has been performed within the group. Details are set as regards conditions, computation rules, transfer pricing and possible use of additional sums for fiscal loss carried forward. Specialists consider that these new rules help within the groups (as defined) for the reduction of the cash flow deficit.
Residence in Romania is recognized for foreign companies whenever its management is effectively established in Romania. Such recognition is made by the tax authorities on the basis of a special Questionnaire and supporting documents. If confirmed, the company in case must follow additional registration obligations and submit statements for at least one fiscal year.
If doubts exist and a double tax treaty may be applicable, the provisions of the latter apply to establish the correct residence.
A number of changes were brought to the CIT and tax treatment of micro-enterprises. Among these:
For more information, please check our website:
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