Global

Details

  • Service: Tax, Global Indirect Tax, Global Mobility Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/21/2014

Romania - New tax law to comply with EU rules 

March 21: New law (no. 8/2014) in Romania, intended to align Romanian tax law with EU law, was published in the official journal in late February 2014.

Among the measures in the new law are provisions concerning:


  • The rules for taxation of companies that are not residents in a country with which Romania has concluded an income tax treaty
  • The taxation of taxpayers or joint ventures without legal status that conduct agricultural activities
  • New place-of-supply rules for value added tax (VAT) purposes for telecommunications, broadcasting, and electronically supplied services
  • An extended deadline (to 31 March 2014) for buyers of electricity to provide affidavits for purposes of applying the reverse-charge mechanism
  • Excise duties (taxes) with respect to luxury goods, coffee
  • Tax procedure, tax returns, and tax audits

Read a March 2014 report [PDF 522 KB] (English and Romanian) prepared by the KPMG member firm in Romania: Changes to the Fiscal Code and Fiscal Procedure Code




©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now