During September 2015, amendments were made to Romanian tax regulations. Taxand Romania provides an update on the key changes.

 

Law no. 227/20155 published in the Official Gazette no. 688 of 10 September 2015.

 

Starting with 1 January 2016, Law no. 227/2015 regarding the Fiscal Code will replace Law no. 571/2003. The new Fiscal Code brings a new structure, with the following distinct titles and chapters:

 

  • General provisions
  • Corporate income tax
  • Tax on micro-enterprise’s income
  • Personal income tax
  • Mandatory social security contributions
  • Tax on income obtained from Romania by non-residents and tax on foreign representative offices established in Romania
  • Value-added tax
  • Excise duties and other special taxes
  • Local taxes
  • Construction tax
  • Final dispositions

Discover more: September 2015 roundup of tax amendments

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Taxand's Take

Multinationals with operations in Romania should familiarise themselves with the legislative developments and make any changes necessary to their business procedures to remain compliant.

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Article tags

International Tax | Romania

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