News Share

The Tax Hub

Daily Tax Newsletter


5 August 2014

Responsive image

Proposed Changes to Romania's Tax and Fiscal Procedures Code

On 1 August 2014, Romania's Ministry of Finance published a press release summarizing proposed changes to the country's Tax Code and Fiscal Procedures Code. The main proposed changes currently under discussion include:

  • The application of the reverse charge mechanism for supplies of buildings and land
  • An increase in the deduction limit for expenses incurred by employers for their employees' private pension schemes and with private health insurance premiums up to the Romanian equivalent of €650
  • The introduction of uniform real estate taxation of buildings used for commercial purposes for both individuals and companies
  • The introduction additional regulations on advance pricing agreements for transitions with non-resident related parties
  • A reduction in the interest amount for late payments from 0.3% per day to 0.2% per day
  • The introduction of a penalty for failure to declare or under declaring tax due equal to 10% of the tax due if the difference does not exceed 25%, otherwise 25% - if the under declared tax is paid within a set time limit the penalty may be reduced by up to 75%

Public consultation on the proposed changes is expected in the coming months.

Powerful Tax Tools


FX Rates

Global FX Rates including Tax Year Average FX Rates and Spot Rates for all Reporting Currencies.


Corporate Tax Rates

Corporate tax rates, surtaxes, and effective tax rates for the current year, as well as historical rates and approved future rates.


Country Analysis

Detailed tax guidance for companies doing business in over 100 countries, including summaries and snapshots of key tax facts and issues.


Cross Border Tax Calculator

Calculate total tax costs and benefits of a cross border transaction including withholding tax, participation exemption and foreign tax credit rules.


Cross Border Tax Rates

Provides Domestic, treaty and EU cross border tax rates for over 5,000 country combinations for 9 different payment streams.



Complete overview of the OECD BEPS Project, including daily BEPS news, country adoption of BEPS measures, and an overview of the 15 BEPS Actions.


Tax Calendar

Customizable calendar tool that tracks corporate income tax, value added tax and transfer pricing obligations by country or entity.


Tax Forms

English translations of key tax forms for over 80 countries, including tax return forms, treaty benefit forms, withholding tax forms, and more.


Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.


Worldwide Tax Planner

Calculates the worldwide tax cost of what-if scenarios based on legal entity structure, taxable income, and cross border transactions.


Certified Rates Report

Customizable Certified Rates Report providing updated corporate and withholding tax rates at the end of each month for over 100 countries.


Withholding Tax Minimizer

Enables quick calculation of tax costs and benefits of cross border transactions considering all possible transaction combinations and optimal routes.


VAT Rates

Provides value added tax (VAT) rates, goods and services tax (GST) rates and other indirect tax rates for over 100 countries.


NOL Calculator

Country specific calculator to determine how net operating losses can be utilized in carryback and carryforward years.


Transfer Pricing Calculator

Calculates TP ratios under various TP methods and calculates the difference between target ratios and actual ratios.


Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

Worldwide Tax Treaties

Repository including thousands of tax treaties (in English), OECD, UN and US Models, relevant EU Directives, Technical Explanations, and more.

We’re here to help

We’re here to answer any questions you have about the Orbitax products and services.

Send us a message

Who’s behind Orbitax?

We’re committed to providing high value, low cost tax research and management solutions.

Learn More