Tax Flash No. 7/2019

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The Emergency Ordinance no. 19 regarding the amendment and completion of certain normative acts was published in Official Gazette 245/2019

The Emergency Ordinance amends a number of normative acts, in principal, the Emergency ordinance no. 114/2018. Out of the significant amendments from a tax perspective, we mention the following:

  • The method of determining the tax on the bank assets has been significantly changed. Thus, the tax on the assets due by bank institutions will be reduced or it will even not be due anymore, if certain conditions are met. The method of calculating the tax is no longer correlated with the ROBOR level.
  • The ceiling on the tariffs for the producers of natural gas for industrial consumers was eliminated. For household consumers, the application of the ceiling will be delayed by one month, i.e., from May 1, 2019.
  • The additional obligation regarding the minimum share capital of the privately managed pension funds, initially imposed for June 1, 2019, is extended until December 31, 2019.

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