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23 June 2017

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Update - Romania Publishes Emergency Ordinance Implementing CbC Reporting

The Romanian National Agency for Fiscal Administration has announced the publication of Emergency Ordinance No. 42/2017 in the Official Gazette of 13 June 2017. The Emergency Ordinance amends Law No. 207/2015 on the Fiscal Procedure Code for the implementation of Country-by-Country reporting requirements in line with the requirements of the EU Directive on administrative cooperation in the field of taxation (2011/16/EU) as amended for the exchange of CbC reports. The main aspects of the final Emergency Ordinance are as follows:

  • CbC reporting obligations apply for MNE groups meeting the standard EUR 750 million revenue threshold in the previous year (or RON equivalent as of January 2015);
  • Ultimate parent entities and designated surrogate parent entities resident in Romania must submit a CbC report for fiscal years beginning on or after 1 January 2016;
  • Non-parent constituent entities resident in Romania must submit a CbC report for fiscal years beginning on or after 1 January 2017 if the standard secondary local filing conditions are met (not required if qualifying surrogate parent has been designated in another jurisdiction that will exchange reports with Romania);
  • When a non-parent entity is required to submit a CbC report, it must request all necessary information from the ultimate parent, and if not provided, must still submit a report with available information and notify that the ultimate parent refused to provide the information (in case of multiple local non-parent entities, one may be designated to submit the report);
  • Constituent entities of an MNE group resident in Romania must provide notification to the competent authority on whether they are the ultimate parent, surrogate parent, or otherwise required to submit a report (secondary local filing); otherwise, notification must be provided on the identity and tax residence of reporting entity;
  • The deadline for the CbC report is 12 months after the end of the reporting fiscal year, and the deadline for the notification is no later than the last day for filing the annual tax return of the notifying entity (generally 25 March for calendar year); and
  • Penalties of RON 30,000 to 50,000 will apply for late CbC report submission or submission of incomplete or inaccurate information, and penalties for RON 70,000 to RON 100,000 will apply for failure to report each country.

As with the draft, the final Emergency Ordinance does not include any transitional provisions regarding notification for the first year. Additional guidance in this regard is expected, given that standard return deadline for calendar year taxpayers has already passed. Additional guidance also expected on the form and method of submission for both CbC reports and notifications.

Click the following link for Emergency Ordinance No. 42/2017 as published (Romanian language).

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