Tax Flash No. 8/2018

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GEO no.89/2018 regarding certain fiscal and budgetary measures and for the amendment and completion of certain normative acts was published in Official Gazette 854/2018

TAX ON PROFITS

  • Certain provisions are introduced in relation to the fiscal treatment applicable to the specific operations performed as a result of the application of IFRS 9 “Financial Instruments”.

INCOME TAX

  • The provisions related to the bonus granted for the prepayment of tax obligations and submitting the sole return by electronic means have been amended.

SOCIAL SECURITY CONTRIBUTIONS

  • The amounts representing the income tax due in relation to year 2017 and the individual social security contribution owed by natural persons for 2016 and 2017, which are included in the tax decisions issued and communicated after October 9, 2018, are to be paid by June 30, 2019. If the imposed amounts are paid in advance, by December 15, 2018, a bonus of 10% of their value is granted.
  • The amounts representing the individual health contribution which is owed by natural persons and included in the tax decisions for the years 2014-2017 issued and communicated after October 9, 2018 are to be paid by June 30, 2019. If the assessed amounts are paid in advance, by March 31, 2019, a bonus of 10% of their value will be granted.

VALUE ADDED TAX

  • It is provided that the 5% VAT reduced rate will apply for following services:
    • accommodation services within the hotel sector or services with a similar function as well as the rental of camping grounds, which were previously subject to a 9% VAT rate
    • restaurant and catering services, except for alcoholic beverages, other than draft beer
    • the access to recreational facilities, classified under the NACE code 9321 and 9329
    • the right to use sports facilities classified under the NACE codes 9311 and 9313 activities.
  • These amendments will apply as of November 1, 2018.

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