News Share

The Tax Hub

Daily Tax Newsletter

Romania

1 January 2014

Responsive image

Tax Code – amendments proposed

On 20 January 2014, the Ministry of Finance published a draft of an Ordinance for amending various legal acts. Details of the Tax Code amendments, which unless otherwise indicated will apply within 3 days after publication, are summarized below.
Direct taxation
Due to difficulties in assessing the gain of individuals from winnings and lotteries, certain types of income from this type of activities, such as income from betting, slot machines or from gambling in casinos and poker clubs will be exempt from tax.
The procedure for refund of excess withholding tax on payments to non-residents (i.e. when a more favourable rate is available) will be excluded from the Tax Code. A new general procedure will be put in place in the Fiscal Procedures Code, which will unitary apply to all refunds of withheld taxes (to residents and non-residents). The refund would be done by the income payer at the request of the taxpayer, and the refunded amounts would be compensated with similar tax liabilities owed by the income payer for the same tax period.
Indirect taxation
With effect from 1 January 2015, for telecommunication, radio and television broadcasting services supplied to a non-taxable person established in the EU, the place of supply will be where the recipient is established. Currently, when these services are supplied by a taxable person established in the EU to a non-taxable person established in the EU, the place of supply is where the supplier is established.

Powerful Tax Tools

NEW

FX Rates

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

NEW

Corporate Tax Rates

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

NEW

Country Analysis

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

NEW

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.

NEW

Cross Border Tax Rates

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

NEW

OECD BEPS Project

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

NEW

Tax Calendar

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

NEW

Tax Forms

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

NEW

Worldwide Tax Treaties

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

NEW

Worldwide Tax Planner

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

NEW

Certified Rates Report

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

NEW

Withholding Tax Minimizer

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

NEW

VAT Rates

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

NEW

NOL Calculator

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

NEW

Transfer Pricing Calculator

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

NEW

Individual Income Tax Rates

Individual tax rates for over 100 countries.

Play of the Day

FX Rates

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

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