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 related to management locations.”
- Account 6123, “Expenses related to rents.”
- Account 616, “Expenses related to intellectual property rights.”
- Account 617, “Management expenses.”
- Account 618, “Consulting expenses.”
Special attention must be given to the fiscal implications of interpreting and analyzing financial situations.
These new accounts serve as a valuable tool for tax authorities to closely monitor the values recorded and transactions presented within these accounts.
This may involve specific interpretations for corporate income tax and potentially lead to the reconsideration of permanent establishment taxation in Romania for non-resident providers of such services.
These accounting changes will come into effect starting with the annual financial statements for the year 2023.
Our team of professional is available for any clarifications or additional details required in your analysis. The above information represents just a summary of aspects we consider relevant in the recently published legislation. This is not exhaustive disclosure of information and it is not intended to be used as advice on any particular matter. We invite all readers to contact us for further clarification of any specific issue. Argus Audit team and its associates disclaim liability in any action taken by a third party in reliance exclusively on summarized information presented in our publications.