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25 March 2013

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Tax Code amendments – International aspects

On 23 January 2013, the Official Gazette No. 54 published Ordinance No. 8 that amends the Tax Code. The amendments will enter into force on 1 February 2013. The most important measures regarding international taxation are summarized below.

Tax on gains obtained by non-resident legal entities from the sale of immovable property located in Romania, or sale of securities in a Romanian company is currently calculated, withheld, declared and remitted by the resident purchaser, for each transaction. A provision is introduced, allowing the non-resident to consolidate the tax results from all transactions carried on during a tax year, by complying with the annual declaration and payment obligations for corporate income tax.

Income derived by non-residents from Romania on services performed outside Romania is subject to 16% withholding tax (previously only income from services performed in Romania was covered) if the non-resident does not prove residence in a state with which Romania has concluded a convention providing for exchange of information.

A 50% withholding tax rate is introduced on income derived from Romania by non-residents, in a country with which Romania does not have a convention providing for exchange of information, on services performed in and outside Romania and on dividends, interest, royalties, commissions and income from independent professions carried on in Romania.

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