Changes to the Form 112 are in Force Starting October 2017

Written by: Bridgewest

Changes-to-the-form-112-are-in-Force-Starting-October-2017.jpgDue to the changes made to the Tax Code in Romania, the form 112 used for financial declarations has also met modifications. This is a document which needs to be filled each month with information about the social contributions of a person, juridical person, or company on behalf of the employees. Also, the tax declarations can be made once in three months, depending on the business form established in Romania and the related conditions. The new format and the additional rules can be explained by our team of accountants in Romania.

Form 112 to be used in November 2017

Even if there are only formal changes imposed with the Romanian Fiscal Procedure Code for 2017, the form 112 also needed to be adapted. Starting with November 2017, the obligations regarding the social contributions for October must be declared with the new form 112, in accordance with the Tax Code in Romania and the Ministry of Finance. The new form 112 was also accepted by the Ministry of Labor and Social Justice. To complete the information about the changes of the Romanian Tax Code and the related documents, we mention that companies in Romania can receive complete accounting services regardless of the area of activity, by addressing the requests in this matter to our Romanian accountants. Audits in Romania are also mandatory for each enterprise with establishments in order to present accurate information about the financial status of a firm.

Online fiscal declarations using the new form 112

The National Agency for Fiscal Administration (ANAF) in Romania allows social contributors to declare their finances via the internet, on the official website of the institution. With the changes to the Tax Code, the new form 112 has also been replaced, in order to declare the income tax among other contributions for October 2017. One should know that the new form 112 is mandatory without exceptions starting with this month. We also remember that form 112 must be filed each month or quarterly, depending on the activities performed.
For a better understanding of form 112 and the changes made by the authorities, please feel free to contact our accounting firm in Romania. Our team has a wide experience in the accounting field and can offer comprehensive support for small, medium and large companies in Romania.