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New amendments to the tax legislation

Government Decision no. 50/2012 for amending and supplementing the Norms for implementing Law no. 571/2003 regarding the Fiscal Code was published in the Official Gazette no. 78 of  31 January 2012 [in Romanian, Hotarare nr. 50 din 25 ianuarie 2012 pentru modificarea si completarea Normelor metodologice de aplicare a Legii nr. 571/2003 privind Codul fiscal, aprobate prin Hotararea Guvernului nr. 44/2004].

The new enactment contains:

  • provisions regarding the profit tax;
  • amendments to the provisions regarding the income tax and the valuation of the annual net income;
  • amendments to the provisions regarding the tax on the income obtained by non residents in Romania;
  • provisions regarding the incomes which represent the calculation basis for social contributions and the list of all the incomes which are exempt from the payment of the contribution owed by the employee/employer;
  • provisions regulating the VAT regime, as for example: the extension of the category of tax payers who could create a fiscal group as per a VAT point of view, performance of services as per the VAT regime; VAT exemptions applicable for assignment of receivables operations etc.