Jinga Maravela

Tax prompts — January 2013

Government Ordinance no. 8/2013, published in the Official Gazette no. 54 of 23 January 2013, brings several amendments to the Fiscal Code.

From 1 February 2013, double taxation treaties shall not apply to the transactions qualified by the fiscal authorities as artificial, i.e. transactions that do not have an economic purpose and that cannot be used in the normal scope of business, the sole purpose thereof being to avoid tax or to obtain fiscal advantages that otherwise would not be available.

The income tax for micro-enterprises has become mandatory for the companies that fulfil the conditions mentioned in article 112 of the Fiscal Code. At the same time, the level of the turnover for the previous fiscal year upon which a legal entity can be qualified as a micro-enterprise has been diminished from €100,000 (£83,000) to €65,000. Newly established Romanian legal entities shall have to pay the tax on micro-enterprises beginning with the first fiscal year, in case the condition provided at article 112 letter D of the Fiscal Code (i.e. the share capital of the legal entity is owned by persons other than the state, local authorities and public institutions) is satisfied on the date of registration with the Trade Registry…

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