January' 2016 | Archive | Blog
From the 1st of January 2016, Romania has introduced a new Tax Code, in which are specified important changes to excises and several taxes, such as: corporate income tax, value added tax, personal income tax, social contributions and local taxes. The new legislation has the purpose of simplifying the process of tax collection, decreasing taxes paid by both individuals and companies, and stimulating economic growth; our team of Romanian accountants can offer you an insight of the main effects of the tax modifications.
Since the beginning of 2016, the standard VAT (value added tax) in Romania is applicable at a rate of 20%, as an effect of the new Romanian Fiscal Code. Until the end of 2015, the standard VAT applicable to both companies and individuals was established at a rate of 24%. According to the new Fiscal Code, the VAT will be further reduced from the 1st of January 2017, from 20% to 19%; our Romanian accountants can offer you a detailed presentation on the new VAT.