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The Romanian IFRS Institute is a resource dedicated to the implementation process of IFRS, providing useful information about the global financial reporting framework for CFOs, members of the Board, leaders and shareholders of companies.
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Direct Tax Newsflash

Welcome to KPMG in Romania Direct Tax Newsflashes' page.

Traditionally, Romanian entrepreneurs have used Cyprus as a location for holding, financing and intellectual property asset management activities.

More severe penalties for tax evasion

The new Law has significantly increased the penalties for offences related to tax evasion.

Changes to the Norms to the Fiscal Code

Extensive amendments have been made to the Norms, as a result of the amendments to the Fiscal Code made by Government Ordinance no. 8 of 23 January 2013.

Taxation of foreign companies in Romania

The European Commission has issued a reasoned opinion for Romania in relation to amending the discriminatory tax treatment of foreign companies. Details are set out in a European Commission press release (MEMO/13/122, dated 21 February 2013).

Constitutional Court decision on the “clawback” tax

The Court has decided that the law provision according to which the value of drugs sales (calculation element for the “clawback” tax) also includes Value Added Tax is non-constitutional.

Corporate income tax advance payments in 2013 – consumer price index published

Ministry of Public Finance Order no. 224 / 18 February 2013 (“the Order”) has been published in the Official Journal of Romania (no. 106 / 22 February 2013).

Amendments to fiscal legislation

Ordinance on amendments to the Fiscal Code has been published in the Official Journal of Romania (no. 54/2013).

Changes to tax forms 200 and 260 related to personal income tax

The Order amends Order no. 52/2012 which approves the model and content of the forms listed in Title III of the Fiscal Code

Declaration and payment of social security contributions for individuals working in Romania and obtaining salary income from non-resident employers

The Order clarifies the procedures related to social security contributions.

Legislation permitting changes to local taxes

The GO maintains the minimum level at which local authorities may opt to set local taxes and fines for 2013, in accordance with Government Decision no.1309/2012, at the rate used in 2012.

Registration of fiduciary and lease contracts with the tax authorities

The Order approves the procedure for registration of fiduciary and lease contracts with the tax authorities.

Form 012 – option to apply the advance payments system for corporate income tax purposes

The new Form 012 for exercising the option to apply the annual/quarterly declaration and payment system for corporate income tax purposes has been approved.

Changes to the Norms to the Fiscal Code

Government Decision no. 1071 of 6 November 2012 to amend the Norms to the Fiscal Code has been published in the Official Journal of Romania (no 753; 8 November 2012).

Changes to the Fiscal Procedure Code

Law no. 162/2012 to approve Government Ordinance no.2/2012 amending the Fiscal Procedure Code (“the Law”) has been published in the Official Journal of Romania (no.691/8 October 2012).

Extension of the payment and declaration deadline for the “clawback tax”

Government Emergency Ordinance no.53 to grant new payment and declaration deadlines to payers of the Clawback Tax.

© 2013 KPMG Romania S.R.L., a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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Direct Tax Newsflash