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Romanian Government updates certain tax measures

Romania

The beginning of 2014 saw various tax amends to Romanian legislation. Taxand Romania highlights the key updated tax measures.

VAT refund procedure for imports and acquisitions performed in another EU member state
The VAT refund procedure as well as the 318 and 319 forms were amended further to the amendments brought to the Fiscal Code as of 1 January 2014, through which the obligation to justify the payment of the VAT related to the imports and acquisitions of goods/services performed in another EU member state by a taxable person established in Romania was cancelled.

Decision of the High Court of Cassation and Justice
By Decision no. 17/2013, the High Court of Cassation and Justice allows the appeal on points of law lodged by the College Board of the Bacau Court of Appeal and determines that the act of holding excisable goods subject to marking without being labeled or improperly marked or with false marking over legal limits, outside a fiscal warehouse, knowing that they come from smuggling is a criminal offense under article 270 para. (3) of Law no. 86/2006 on the Romanian Customs Code.

Changes in taxes regarding the Environmental Fund
It is established that the owners or administrators of warehouses owe to the Environment Fund a tax for inert and non-dangerous waste entrusted to final disposal in landfills as of 1 January 2017 (before it was from 2014).

The NBR reference interest rate
NBR has set the reference interest rate, starting with 9 January 2014, at the level of 3.75% per year.

Amendments and completions of certain tax forms
The order amends the model and content of certain forms described at title III of Law no. 571/2003 regarding the Fiscal Code. The instructions related to these forms are amended or supplemented as well. 

Discover more: Romanian Government updates certain tax measures 


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

Also published in Thomson Reuters' Taxnet Pro, 14 February 2014

Taxand's Take

Multinationals should review all recent updates to Romanian tax legistation to investigation what impact, if any, these amends will have on their operations. 

Taxand's Take Author

Angela Rosca
Romania

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