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Recent tax updates to Romanian legislation
September 2013 has seen further tax amendments to Romanian legislation. Taxand Romania takes a look at what these involve and how they affect taxpayers.
Patrimony and income declaration for individuals subject to personal income tax audits
The order provides the model and content of the patrimony and income declaration to be completed and filed, upon the request of the tax authorities, by individuals subject to an audit of their personal income tax position. The order provides the patrimony and income elements which should be declared by the individual, irrespective of where such elements are located or derived from, within national territory or abroad. Personal expenses and expenses in connection to dependents should be declared as well, for each acquisition of goods/services exceeding RON 10,000 threshold.
Amendments brought to the Informative statement regarding local supplies and acquisitions for VAT purposes
According to the order, fiscal receipts fulfilling the conditions of a simplified invoice shall not be reported, until 31 December 2014, in the Informative statement regarding local supplies and acquisitions (ie form 394). The new provisions are applicable starting with national operations carried out during August 2013.
Amendments regarding the classification of activities related to creation of computer programmes
The order broadens the category of employees that benefit from tax exemption for salary income derived from creation of computer programmes, by adding eight new specialisations to the list of accredited high education institutions. In addition, the order updates the list of activity codes for economic operators whose employees can benefit from income tax exemptions. According to the new provisions, the income tax exemption is applicable on a monthly basis, only for salary income derived based on individual employment agreements, irrespective of the employment date and without being conditioned by the individual’s contribution for the achievement of the minimum annual income threshold.