Who Must Submit Form 107 About the Beneficiaries of Sponsorship?
According to the Romanian Fiscal Code, taxpayers who offer scholarships or make sponsorships in their companies must observe the form 107 and submit it to the financial authorities. This declaration has been revised this year and it concerns the above-mentioned taxpayers in Romania. If you are a foreign investor who wants to set up a business in Romania and need to understand the tax legislation and the regime in this country, you should get in touch with our team of accountants in Romania.
How can I submit the declaration 107?
The declaration comprising information about the patronage, sponsorship or private scholarships for 2017 must be submitted alongside the appendix stating details about the beneficiaries of such funding, in case the registered sum of money cannot be individualized for each beneficiary. You can ask for support from our Romanian accountants if you need to submit the declaration 107. Also, your company can receive audits in Romania and can benefit from the services of our Romanian accounting firm.
Who needs to submit form 107?
The following categories of taxpayers need to declare the sponsorships using form 107:
- • all companies, whether private or public that make patronage acts or offer private scholarships in Romania;
- • all companies that act as sponsors in different fields of interest;
- • the type of taxpayers that sustain nonprofit entities in Romania;
- • microenterprises which pay taxes in Romania and offer licensed social services.
If you are part of the above-mentioned categories of taxpayers, you should observe the form 107 and submitted with the financial authorities in Romania, no later than 25th of January 2019.
Using the online platform for declaration 107
We remind that taxpayers in Romania can submit most of the declarations, including form 107, on the internet with the help of the official ANAF website, in respect to the applicable laws. It is good to know that instead of dealing with misunderstandings when completing and submitting form 107, we suggest you contact our accounting firm in Romania for assistance.