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New Corporate Tax Reporting System Announced

Romania
15 Jan 2013
The Romanian Government has approved the 012 form titled "Notification regarding the amendment of the annual / quarterly corporate income tax reporting and payment system". Taxand Romania explains how the 012 form will work.

012 form should be filled in by taxpayers subject to corporate income tax, other than those mentioned at art. 34 par. (4) and (5) of the Fiscal Code, who:

  • Opt to apply the annual corporate income tax reporting and payment system, performing quarterly advance payments, in compliance with art. 34 par. (2) and (3) of the Fiscal Code.
  • Renounce the option to apply the annual corporate income tax reporting and payment system.

Applicable starting this year, the 012 form must be submitted until 31st January of the fiscal year for which the application of the annual corporate income tax reporting and payment system is requested. For 2013, the term for submitting the 012 form is until 31st January 2013.


Your Taxand contact for further queries is:
Angela Rosca
T. +40 21 316 06 45
E. angela.rosca@taxhouse.ro

Taxand's Take

Taxpayers should note that if they choose to apply the annual corporate income tax reporting and payment system, there is a mandatory limited time of use of 2 consecutive fiscal years. Therefore, even if a corporate does not think this system of tax reporting suits their needs, they must still apply it the following fiscal year.

Taxand's Take Author

Angela Rosca
Romania