Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 8/23/2012

Romania - Proposed “clawback tax” changes for pharmaceutical companies 

August 23:   The Romanian Ministry of Finance published on 8 August 2012 a draft ordinance that includes proposed changes to to the quarterly payments under the “clawback tax” regime for pharmaceutical companies.

Among the proposed changes are measures that would:


  • Cancel late payment penalties required for the period between the fourth quarter of 2009 and the third quarter of 2011 if taxpayers remit the amount of the clawback tax liability owed within 30 days of the effective date of the ordinance (plus interest)
  • Provide the clawback tax owed for the period between the fourth quarter of 2009 and the third quarter of 2011 to be paid by pharmaceutical market-authorization holders
  • Apply a calculation formula introduced by a 2011 ordinance to the amount of the clawback tax liability due for the fourth quarter of 2012
  • Require payers of the clawback tax to provide the National Health Insurance Authority (Casa de Sanatate) with updated lists of medicines for which the clawback tax is due no later than the 15th day of the month which follows the end of the quarter for which the tax is payable

Read an August 2012 report [PDF 500 KB] prepared by the KPMG member firm in Romania: Draft Ordinance to amend the “Clawback Tax”




©2012 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 go-fmtaxnewsflash@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

Contact us