Law Enforcement Rules, Changed for the Fiscal Code

Written by: Bridgewest

Law-Enforcement-Rules-Changed-for-the-Fiscal-Code.jpgThe rules for the enforcement of the provisions of the new Fiscal Code have been amended for the second time. These new provisions will be entered into force as soon as the document adopted by the Government will be published in the Official Gazette. Our Romanian accountants can highlight the most important implementing rules and can help you adjust to these changes.

VAT, excise duties and special taxes changes

Clarifications have been made for situations in which VAT applies to renting, leasing, concession lease and other cases if the contract or the invoice do not contain a deadline for the payment. Individuals who sell vouchers that can be used for multiple purposes will not be taxed the same way as those companies that actually provide the goods and services associated with the voucher. 
The set of documents needed for obtaining of the indirect excise duty exemption has been updated. Also, new provisions are introduced for those national producers of liquids that contain nicotine and tobacco for use in heated tobacco devices: they will have to receive an authorization from the territorial customs authority. Taxpayers who want to receive tax refunds do not lose their rights if they fail to submit the refund request in time if this submission is made within the legal deadline. Our accountants in Romania can help you apply for tax refunds. 

Changes in the income tax and local taxes

Certain clarifications have been made regarding the exclusion from the tax evaluation of the advantages derived from personally using vehicles with deductible expenses: for the natural taxpayer, these will represent untaxable advantages. The names of certain types of untaxable income representing the counter value of hygiene-sanitary materials have been correlated with the Law for Work Security and Safety. 
The fiscal treatment of the income derived by non-resident professors and researchers has been redefined: after the expiration date of the double tax treaty, these individuals will be taxed on their income produced in the country or on the salary derived from a Romanian source. 
For more information about the applicability of the new Fiscal Code please contact our Bucharest accounting firm