Tax Newsflash

Welcome to KPMG in Romania Tax Newsflashes' page.

European Commission announced the rules on the VAT treatment of vouchers throughout the EU.

Agreement between the European Union and the United States on mutual recognition of Authorized Operators

European Union and the United States signed an agreement for mutual recognition of Authorized Operators.

Council’s Decision regarding the limitation of the VAT deduction right for vehicles

The Decision authorising Romania to limit to 50 % the right to deduct the VAT on the purchase was published in the Official Journal of the European Union no. 117 from 1 May 2012.

The level of specific excise duties for cigarettes starting 1st of July 2012

As of the 1st of July 2012 such specific excise duties will change from EUR 51.49 per 1000 cigarettes to EUR 53.18 per 1000 cigarettes.

New tax measures within the European Union

France Unveils New Corrective Finance Law with changes to the rules on social contributions, a tax on financial transactions and on combating fraud.

Legislative news on personal taxation in Switzerland, Spain, France and the U.S.

Whilst Spain has increased tax rates for real estate, the Swiss Government is considering amending the constitution.

Different approaches towards identifying undeclared income and assets

Recently, high net-worth individuals have been brought into the spotlight.

Clarifications on indirect control methods

If during a tax inspection the required documents are not available, the taxable base for taxes and contributions will be determined by estimate.

Changes to the Norms for the application of the Fiscal Code

Government Decision no.50/2012 (“the Decision”) amending the Norms for the application of the Fiscal Code has been published in the Official Journal of Romania (no. 78/31 January 2012).

Changes to the Fiscal Procedure Code

Government Ordinance no. 2/2012 changes to the method by which official fiscal documents,fiscal registration of non-residents, amicable disputes resolution procedure for the avoidance/ elimination of double taxation, and more.

Transfer Pricing Changes and Additions to the Fiscal Procedure

The new Ordinance (“the Ordinance”) provides a series of clarifications with respect to the applicability of transfer pricing legislation for local intra-group transactions and Advance Pricing Agreements.

Amendments to the form and content of the Value Added Tax Return (Form 300)

Amendments to the requirements for reporting of deliveries/supplies and acquisitions performed in Romania

Changes to the Fiscal Code from 2012

More comprehensive procedures introduced for ex-officio assessment of taxes

Procedure for the ex-officio assessment of taxes

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