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Important Tax Changes in Romania

posted 3 years ago

The Romanian Fiscal Code and the Fiscal Procedure Code were amended. Below you may find an overview of the most significant changes.

Corporate taxes

The latest changes provide that dividends received by Romanian microenterprises, may be subject to the tax exemption set forth by the Parent-Subsidiary Directive.

Beginning with 2022, the expenses generated by adjustments of the receivables are 50% deductible (currently, they are deductible up to 30%), if certain conditions are fulfilled.

Furthermore, all corporate taxpayers may enjoy a series of bonifications for the annual tax liability if equity is positive and, in addition, increased from one year to another.  The measure is aimed to improve the financial standing of companies.

VAT

Imports, supplies of goods and services by the commission or an agency or institution established in accordance with Union law are exempted from the application of the EU directive No. 1159/2021, if the services/ goods are used for tasks assigned according to Union law, in order to react to the Covid-19-pandemic.

SAF-T Reporting

A reporting obligation referring to „Standard Audit File“ for tax purposes (“SAF-T“) is applicable beginning with 1st of January 2022. Such complex obligation is related to fiscal and accounting records of the taxpayer, allowing thus the Romanian Tax Administration to extensively analyze the tax and accounting processes at the level of the taxpayer. The Tax Administration (ANAF) has recently issued the implementation rules, template of the report as well as deadlines and grace periods. The SAF-T reporting is primarily focused on large taxpayers with the first reporting period beginning 1st of January 2022; newly listed large taxpayers (as of 1st of January 2022) are required to file the report starting 1st of July 2022. All taxpayers enjoy a grace period of 6 months, when no fines are being applied. The system is aimed to support tax authorities during fiscal inspections and to provide evidence in case of disputes in this respect. Failing to file such report may trigger fines up to RON 5,000 (around EUR 1,000).

VAT reimbursement with subsequent inspection

The measure according to which VAT reimbursement takes place with subsequent tax inspection has been prolonged after 01.02.2022. In case ANAF determines certain risks, the reimbursement shall however take place only after the fiscal inspection.

Rescheduling of tax liabilities 

Starting October 2021, the tax measure related to rescheduling of tax liabilities over a period of maximum 12 months implemented during 2020 has been extended. Taxpayers may enjoy the tax rescheduling if certain conditions as set forth by the law are met. 

The tax amnesty measure (i.e. cancellation of late payment interest and penalties) has been enlarged in order to accommodate also taxpayers with outstanding tax liabilities prior to 31st of March 2020 established by way of a tax audit under certain conditions.

Please find more detailed information under:

https://stalfort.ro/wp-content/uploads/2021/10/20210920_AZ_Important_tax_related_changes_in_the_fall_Part-1-Fiscal-Code.pdf

https://stalfort.ro/wp-content/uploads/2021/10/20211001_AZ_Important_tax_related_changes_in_the_fall_Part-2-Code_of_fiscal_procedure.pdf

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