Romanian government amends Tax Code and Accounting Law

On 26 February 2021, Romania published Emergency Ordinance no. 13/2021 for the amendment and completion of the Tax Code and of the Accounting Law (GEO 13/2021) in the Official Gazette. The main amendments brought about by GEO 13/2021 are presented… Read moreRomanian government amends Tax Code and Accounting Law

Tax debt restructuring and cancellation of accessory tax liabilities still available

Debt restructuring measures and the possibility to cancel accessory tax liabilities are still available to Romanian taxpayers, but in order to be eligible taxpayers must notify tax authority by 31 March 2021 and comply with all obligations. The debt restructuring… Read moreTax debt restructuring and cancellation of accessory tax liabilities still available

Romania amends Fiscal Procedure Code and its high court rules on statute of limitation

On 18 December 2020, the Romanian President promulgated an amendment on the law on fiscal procedures and in the Official Gazette it was published a High Court of Cassation and Justice ruling on the five-year statute of limitations for corporate… Read moreRomania amends Fiscal Procedure Code and its high court rules on statute of limitation

Landmark ECJ ruling on a Romanian case involving deduction of VAT on abandoned investments

On 12 November, the ECJ issued its decision in case C-734/19 ITH Comercial Timisoara SRL (ITH) involving the input VAT recovery for goods and services no longer used by the taxpayer (i.e. pertaining to abandoned real-estate projects). The Court ruled… Read moreLandmark ECJ ruling on a Romanian case involving deduction of VAT on abandoned investments

Romanian government introduces new measures in response to COVID-19

On 26 October 2020, Romania put into place Government Emergency Ordinance no. 181/2020 (“GEO 181/2020”) approving additional tax measures and deadlines extensions to support business during the recovery period. Specifically, the new measures include the following: Extension of the deadline… Read moreRomanian government introduces new measures in response to COVID-19

Romania passes new tax incentives to bolster business

On 4 September 2020, Romania enacted Government Emergency Ordinance no. 153/2020 (GEO 153/2020), which introduces progressive bonifications for companies improving their equity position. GEO 153/2020 also includes new provisions regarding the calculation of annual corporate income tax (CIT) vis-à-vis government-granted… Read moreRomania passes new tax incentives to bolster business