Obligation of the e-Invoice system

Following the draft legislative changes recently published by the Ministry of Finance,  it was introduced the mandatory obligation of the e-Invoice system applied to all taxable persons carrying out activity on the territory of Romania. Thus, we would like to inform you that starting from January 1, 2024, your company
Read more

New accounts in the Chart of Accounts introduced by Order 2649

On September 28, 2023, the Romanian legislature adopted Order 2649, introducing a set of new accounts into the Chart of Accounts. These accounts include: Account 1496, "Losses resulting from company reorganizations, corresponding to the negative net assets of the absorbed company." Account 6121, "Expenses related to royalties." Account 6122, "Expenses
Read more

Changes regarding tax exemption for reinvested profit

Starting from the 1st of January 2023, it will apply the facility regarding tax exemption of reinvested profit to investments in fixed assets used in production and processing activity and in fixed assets representing refurbishment. The profit invested in machinery, fixed assets used in production and processing, and fixed assets
Read more

New rules applicable to micro-enterprises and changes to the dividend tax adopted by the Government by Ordinance no. 16/2022 – applicable from 1 January 2023

Micro-enterprises: The turnover threshold for applying the micro-enterprise income tax is changed from EUR 1.000.000 equivalent to EUR 500.000 equivalent in lei. This condition regarding the threshold must be fulfilled on 31.12.2022 for 2023. Suppose a company that pays micro-enterprise income exceeds the turnover threshold of EUR 500.000 during the
Read more

Tax exemption for reinvested profit

To optimize companies’ tax planning, we would like to present below the current treatment of the profit that a company can invest in purchasing fixed assets, benefiting from tax exemption.   The reinvested profit in technological equipment, electronic computers, cars and devices, and software, including those bought based on financial
Read more

RO e-Transport system (GEO 41/2022)

The RO e-Transport System will enter into force on July 1st, 2022. The RO e-Transport system is a set of principles, rules, and IT applications aimed at monitoring the transport of goods with a high tax risk on the national territory, allowing competent authorities to determine potential diversions from or
Read more

Treatment for the depreciation of commercial receivables

To optimize companies’ tax planning, we would like to present below the current treatment for the depreciation of commercial receivables that companies have the right to deduct from corporate income tax calculation if they comply with the provisions in force The companies have the right to create provisions for doubtful
Read more

Romania: e-Invoicing

The electronic invoice (RO e-Invoice System) will be voluntarily applicable in the transactions between economic operators (B2B – Business to Business) starting from the 1st of April 2022. It is important to note that the system will become mandatory starting from the 1st of July 2022. The high risk of
Read more

Ordinance no. 8/2021 – important legislative changes

Starting with September 3, 2021, two ordinances (Ordinance no. 8/2021 and Ordinance no. 11/2021) will apply. We want to bring to your attention, considering those critical in carrying out your current activity Ordinance no. 8/2021 comes with the following most important legislative changes: Dividends tax exemption treatment: The new ordinance
Read more

Paying interim dividends – advantage or not?

Our article aims to address the subject of payment dividends, considering the importance of access to funds in compliance with legal regulation. The most known situation regarding the distribution of dividends to the shareholders of a company occurs after the approval of the annual financial statements, pro-rated to paid share
Read more