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30 May 2017

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Romania Publishes Draft Ordinance to Implement CbC Reporting

The Government of Romania has announced a brief public consultation on a draft emergency ordinance to transpose into domestic law the amendments made to the EU Directive on administrative cooperation in the field of taxation (2011/16/EU) concerning the exchange of Country-by-Country (CbC) reports (Council Directive (EU) 2016/881). The draft notes that the rules will be transposed through an emergency ordinance given that EU Member States are to have their CbC reporting rules in place by 5 June 2017.

The draft emergency ordinance is in line with the EU directive, including CbC requirements from fiscal year 2016, a EUR 750 million group revenue threshold, the requirement to submit the report within 12 months following the end of the reporting fiscal year, secondary local filing requirements, and CbC notification requirements. Failure to comply with the CbC reporting requirements will result in penalties of RON 50,000 to 100,000.

With respect to secondary local filing requirements, the rules will apply for fiscal years beginning on or after 1 January 2017. With respect to notification requirements, group entities resident in Romania must notify the Romania tax authority no later than the last day for filing their annual tax return on whether they are the reporting entity for the group, and if not, the identity and residence of the reporting entity. Although the draft does not appear to provide any sort of transition for notification for the 2016 fiscal year, it is expected additional guidance will be provided given that the standard annual return deadline has already passed (generally 25 March for calendar year).

Click the following link for the draft emergency ordinance and the impact note (both in Romanian language).

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