Modifying the form of “Tax Income declaration”

In the Romanian Official Gazette, Part I, no. 2 of 5 January 2015 it was published the Order of the President of the National Agency for Fiscal Administration no. 4024/2014 amending and supplementing the Order of the President of the National Agency for Fiscal Administration no. 1.950 / 2012 approving the template and content used for declaring taxes in general and taxes which have the regime of self assessment or source withholding.

The normative act replaces Form 101 “Statement regarding income tax” with a new form, and changes the instructions for filling it.

Compared to the previous regulation, the new template of the form 101 details the dividend income that have to be reported according to the person from whom they are received.

In the new form, taxpayers will complete the income tax section with the amount that represents the exemption from paying tax on reinvested profits in accordance to art. 19 ^ 4 of the Tax Code.

Moreover, the amounts representing sponsorship and patronage expenses as well as expenses regarding private scholarships fall, according to their period, in amounts granted in the current year and those carried over from the previous period.

The declaration of tax income must be completed and submitted annually by the taxpayers until March 25 of the following year for which the tax is calculated.

Associations and foundations, non-profit individuals as well as taxpayers who obtain most of their revenue from cereal culture, technical plant culture and potato culture, horticulture and viticulture will submit the statement by February 25 of the following year.

Taxpayers who opted for a financial year which does not correspond to calendar year, must submit the declaration regarding tax income by the 25th day of the third month from the closure of the changed fiscal year.

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