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Romania updates Methodological Norms regarding Fiscal Code

5 Sep 2013

The Official Gazette has issued Government Decision no. 613/2013 for the amendment and completion of the Methodological Norms regarding the Fiscal Code. Taxand Romania highlights the key updates the Decision will introduce. 

Corporate income tax
Expenses borne by employers on behalf of their employees representing their contributions to voluntary pension schemes, qualified by the Financial Supervision Authority, made to authorised entities established within the EU are also deductible for corporate income tax purposes, within the limit of the RON equivalent of EUR 400/participant/fiscal year.

Personal income tax
Contributions paid by employers on behalf of their employees or directly by employees to the aforementioned voluntary pension funds, are deductible for computation of the taxable base for salary income, within the limit of EUR 400 per year. The deductibility of the contributions to the voluntary pension schemes is granted based only on the document with respect to qualification of the respective voluntary pension funds, issued by the Financial Supervision Authority, at the request of the employer or of the employee, as the case may be.

Excise duties

  • The foreign exchange rate used for denomination of the unit value of the new excisable products introduced as of 1 September 2013 (eg jewelry, yachts, furs, certain categories of cars) from a foreign currency to EUR was established
  • Clarifications were brought with respect to application of the reduced excise duty for beer produced by small producers
  • For classification of products used as heating fuel or motor fuel from an excise duties perspective, the opinion of the Ministry of Economy, Commerce and Business Environment regarding the assimilation of the respective product with an equivalent product for which excise duties are established, is replaced with the opinion of an institute or of a company fulfilling the specific conditions requested by the law

Discover more: Amends brought to the Methodological Norms for Fiscal Code

Your Taxand contact for further queries is:
Angela Rosca
T. +40 21 316 06 45

Taxand's Take

Multinationals with operations in Romania should ensure they are up-to-date with all and any changes made to the Methodological Norms regarding the Fiscal Code, in order to remain compliant and to keep afresh of taxation developments. 

Taxand's Take Author

Angela Rosca