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25 January 2019

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Romania Amends Interest Restriction and CFC Rules

Romania has published Law no. 30 of 10 January 2019, which includes various amendments, including in relation to the country's interest deduction restriction rules. This includes:

  • An increase in the safe harbor threshold from the RON equivalent of EUR 200,000 to the RON equivalent of EUR 1 million;
  • An increase in the percent deduction in excess of the safe harbor from 10% of the calculation basis to 30% (calculation basis is similar to EBITDA); and
  • The addition of provisions in relation to the right to carry forward excess borrowing costs where a taxpayer ceases to exist as a result of a merger or division, which includes that the excess costs are transferred to the newly created taxpayer in proportion to the assets transferred.

The law also adjusts the wording of one of the exemption provisions of the controlled foreign company (CFC) rules to provide that the inclusion of CFC income will not apply where the CFC has its tax domicile or is located in an EU Member State / EEA country and carries on a substantive economic activity supported by staff, equipment, assets, and premises, as evidenced by relevant facts and circumstances.

The changes apply from 1 January 2019.

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