Tax

Significant Changes in Taxation Policies for Microenterprises

Notable amendments have been introduced, particularly impacting microenterprises across various sectors. Here are the key updates: Revised Tax Rates for Microenterprises: The taxation landscape for microenterprises has undergone significant changes, affecting businesses in different economic sectors. The 1% tax rate remains applicable solely to companies with revenues below 60,000 Euros.

Significant Changes in Fiscal Policies – Profit Tax Updates 2024

The recent fiscal policy changes for the year 2024, bringing important updates to the profit tax, highlights the followings: Adjustments of Fiscal Loss Recovery: Starting from the fiscal year 2024, the period for recovering fiscal losses is reduced to the next 5 years, with the possibility to recover only 70%

Newsletter: Major Changes in Salary Tax Calculation Adopted by the Romanian Government through OUG no. 115/2023

We would like to bring to your attention significant changes in salary tax calculation recently adopted by the Romanian Government through Emergency Ordinance (OUG) no. 115/2023, published in the Official Gazette, series 1139/15.12.2023. These changes will come into effect from January 1, 2024, impacting various aspects of employee benefits. Key

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

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

Daily allowance – ceiling modification

Starting with April 1st, 2023, by Order of the Minister of Finance, the amount of the delegation allowance regarding the rights and obligations of the staff of public authorities and institutions during the delegation and secondment to another locality, as well as in the case of travel in the interest

Law no. 227/2015 regarding the Fiscal Code – subscriptions for the use of sports facilities

In addition to the seven extra salary benefits included in the monthly ceiling of 33% of the basic salary corresponding to the job occupied or of the monthly wage granted according to the law, starting with February, the value of the subscriptions for the use of sports facilities is added.

Settlement of the expenses for the transport of the employees to and from the workplace

Law 227/2015 regarding the Fiscal Code provides, at the art. 76 para. (4), two situations when the amounts paid to the employees for the settlement of their transport to and from the workplace are not considered taxable revenues from salaries and assimilated to salaries, respectively: The employees reside in the

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

Amendment of the paternal leave law

According to GEO 117/2022, the duration of paternity leave is ten working days, to which five additional days are granted for employees who follow a childcare course. According to the above ordinance, the father may benefit from paternity leave for each newborn child, based on the certificate of graduation of

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