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21 December 2009

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Amendments to Tax Code

On 13 October 2009, the Emergency Government Ordinance No. 109/2009 (hereafter, the Ordinance) modifying the Tax Code was published in the Official Gazette No. 689/13.10.2009. The key changes are summarized below.

Individual income tax

-   The annual tax return (standard forms Nos. 200 and 201) will be renamed as "Tax Statement" and must be submitted by 25 May of the year following the one when the income was realized (previously 15 May). The annual tax return and the related income tax payment for the year 2010 can be made in compliance with the current legislation.
-   No tax return filing obligation will exist for rental income where the contract stipulates that the payment will be made in the national currency.

Corporate income tax

-   The definition of resident is extended to include legal entities having their headquarters in Romania but incorporated in compliance with the European legislation (European companies and cooperative European companies).
-   With effect from 1 January 2010, taxpayers shall apply the advance payment system. Accordingly, they are required to pay corporate income tax on an annual basis, with quarterly advance payments, with an adjustment for inflation, estimated upon drafting the initial budget of the year for which the advance payments are made.
-   As a general rule, the annual corporate income tax declaration must be submitted by 25 April of the following year (previously 15 April).
-   The deadline to pay the withholding tax in case the dividends were declared but not paid by the end of the financial year has been extended to 25 January of the following year (previously 31 December of the year declared).

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