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10 August 2017

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Romania Gazettes Law on Certain Clarifying and Regulating Measures

The Romanian Ministry of Public Finance has announced the publication of Law No. 177/2017 in the Official Gazette, which amends and clarifies certain aspects of the tax reform Law No. 227/2015 (previous coverage). One of the main measures of the law is bringing businesses subject to the specific tax regime (hotels, restaurants, catering services, etc.) into the micro-enterprise tax regime effective 1 August 2017 if turnover in the year ending 31 December 2016 did not exceed EUR 500,000, and other conditions of the micro-enterprise regime are met. The specific tax regime, introduced from 2017, includes that such businesses are not taxed on profit, but rather taxed based on certain factors such as the location of the business, the area of the business, and others. For those businesses now brought into the micro-enterprise tax regime, the specific tax will be prorated for the period ending 31 July.

Other changes in Law 177/2017 include that associations will be exempt from corporate tax from 1 January 2018 if only collecting contribution fees; voluntary health insurance premiums paid by employers up to EUR 400 per year will no longer be considered as part of taxable employment income; and from 1 October 2017, a tax risk analysis will be performed for the registration of taxable persons for VAT purposes (risk analysis applies for registration cancellation as well).

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