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2 December 2013

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Lump-sum tax to be introduced

On 12 September 2013, the Ministry of Finance published a draft of an Emergency Ordinance, introducing, with effect from 1 January 2014, lump-sum taxation for certain companies deriving income from activities specified by the law.

The lump-sum tax, which would replace the current 16% corporate income tax or 3% turnover tax, would be imposed on resident companies that, on 31 December of the preceding tax year:

-   carried on, as main activity, services of maintenance and repair of cars, tourism, bars and public alimentation;
-   derived income from the main activity in an amount exceeding 70% of the total income;
-   had a net annual turnover of less than EUR 50 million or owned total assets of a maximum value of EUR 43 million;
-   had less than 250 employees, on average, annually; and
-   were not under liquidation.

If, on 31 December of the tax year, the conditions for applying lump-sum taxation are no longer met, the taxpayer must report this to the tax authorities by 31 March of the following year.

The lump-sum tax would be determined based on computation formulas which are different for each type of activity.
Lump-sum tax would be payable on a current year basis, with quarterly declarations and payments, by the 25th day of the month following each quarter.

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