Tax Flash No. 4/2015

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Emergency Ordinance no. 6/2015 for the amendment and completion of Law 571/2003 regarding the Fiscal Code was published in Official Gazette 250/2015

Income tax

  • The possibility to re-compute the advanced income tax payments for rental income, upon the taxpayer’s request, is introduced also for contracts terminated during the fiscal year, for which the rent is determined in RON by reference to an amount established in foreign currency

Withholding tax

  • Non-resident legal entities residing in EU or European Economic Area Member States, with which Romania entered into conventions for the avoidance of double taxation, deriving interest income from Romania may opt to settle the tax withheld at source by declaring and paying corporate income tax according to the rules applicable to resident legal entities
  • Non-resident individuals residing in EU or European Economic Area Member States, with which Romania entered into conventions for the avoidance of double taxation, earning in Romania income from independent activities may opt to settle the tax withheld at source by declaring and paying income tax according to the rules applicable to resident individuals

VAT

  • Starting June 1, 2015, the application of the 9% reduced VAT rate is extended for the supply of the following goods and services: food, including beverages excluding alcoholic beverages for human and animal consumption, living animals and birds from domestic species, seeds, plants and ingredients normally used in the preparation of food products, products normally used to supplement or replace food as well as restaurant and catering services, excluding alcoholic beverages
  • The classification of the products subject to the 9% reduced rate will be performed according to the CN codes, these categories will be established by specific Norms

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