The changes brought to the Fiscal Code and the Fiscal Procedure Code were enacted by the Government and the Emergency Ordinance will soon be published in the Official Gazette. The new provisions will largely apply starting with January 1st, 2017 and they include various issues such as the elimination of a number of mandatory statements or reducing the cap on social capital for the microenterprises tax. Our Romanian accountants are able to provide complete information on these summarized changes.
Suspended submission for certain mandatory statements
Forms 392A and 392B are to be suspended until December 2019. The same will apply to Form 393, which was necessary for VAT registered companies that were performing activities that include the international transportation of individuals. This is a good change for taxpayers who have an annual turnover of less than 220,000 RON and those operating in transportation. Our accountants in Bucharest can give you more information on these statements and other mandatory forms.
Reduced minimum ceiling for microenterprise taxation in Romania
This is an important legislative modification to be included in the new Fiscal Code
. The minimum threshold of 25,000 euros will be reduced to 45,000 RON (approximately 10,000 euros). This will only allow small companies with a share capital lower than this pre-established amount to be able to apply for the microenterprise tax.
The abolition of the economic operator's registry
All taxpayers will be exempt from an EORI registration. This is currently mandatory for those economic operators who engage in intra-community supplies or intra-community provision of goods. The measure was taken in order to reduce the administrative burdens.
Other changes include a special optional VAT rate for agricultural activities and some changes for natural persons.
If you would like to know more about how these fiscal changes apply to your business please contact our Romanian accountants
. We ca provide a wide range of accounting and tax services in Bucharest and in other Romanian cities like Brasov