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1 September 2021

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Romania Publishes Draft Tax Code Amendments

Romania's Ministry of Finance has published a draft ordinance containing various amendments to the Tax Code. Some of the main corporate tax amendments include:

  • The addition of a provision to clarify that for foreign legal persons with a place of effective management in Romania, the taxable period (tax liability) begins from the date of registration with the central tax authority;
  • The amendment of the conditions for the exemption for dividends under the domestic implementation of the EU Parent-Subsidiary Directive to fully comply with the Directive, providing that the subject to tax condition includes corporate income tax (profit-based tax) or another tax substituting the corporate income tax (current condition wording only mentions corporate income tax);
  • An increase in the deductibility limit for provisions for bad and doubtful debts from 30% to 50% with effect from 1 January 2022;
  • The adjustment of provisions for the implementation of the EU Anti-Tax Avoidance Directive (ATAD) in regard to the payment of exit tax in equal installments over five years, including additional provisions in relation to scheduling installments, guarantee requirements if there is a real and demonstrable risk of non-recovery, triggering of immediate payment in certain cases, and other matters; and
  • The amendment of the tax regime for dividends paid to foreign legal entities in EEA states, namely Iceland, Liechtenstein, and Norway, so that the same treatment (exemption) applies as for dividends paid between resident companies, which is meant to avoid infringement procedures.

Click the following link for the draft ordinance and explanatory notes.

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