Romania’s Parliament adopted a Law for the approval of Government Emergency Ordinance no. 50/2015 regarding the Fiscal Code (Law no. 227/2015) and the Fiscal Procedure Code (Law no. 207/2015). The Law was sent on 24 December 2015 to the President of Romania for enactment. Taxand Romania provides an overview.
The following provisions of the Law should be noted:
VAT – changes of simplification measures for the supply of specific goods
For the supply of specific goods (e.g. mobile phones, integrated circuit devices, game consoles, PC tablets and laptops) the VAT simplification measures (reverse-charge) apply only if the value of goods supplied, without VAT, included in an invoice, is of at least RON 22,500 (approx. EUR 5,000).
Local taxes – building tax
Owner’s liability to file a new statement building tax purposes exists only in case of extension, improvement, partial demollition or other changes brought to an existing building, including total or partial change of usage, which determine the increase or decrease of building’s taxable value by more than 25%.
Taxpayers in Romania should take note of these updates to ensure they remain compliant.