GEO no. 13/24th February 2021 for the amendment and completion of Law no. 227/2015 on the Fiscal Code and the Accounting Law no. 82/1991.
1. Reformulation of the cancellation of the deduction of expenses generated by acquisitions from partners from non-cooperating fiscal jurisdictions. As of January 1, 2021, only those purchases from suppliers listed in Annex 1 of the EU List of non-cooperating tax jurisdictions are non-tax deductible expenses for the calculation of income tax and only if the transactions did not have an economic purpose. Note! Art. III of the ordinance expressly states that when calculating the tax result for the first quarter of 2021, the costs of purchases from suppliers in Annex 2 of the EU List of non-cooperating tax jurisdictions are expenses deductible for the calculation of income tax. Thus, acquisitions from Turkey, Thailand or Australia have the same tax regime as other purchases. 2. Art. 282 of the Fiscal Code is rephrased, in the sense that the VAT limit upon collection of 4,500,000 lei, is regulated unitary in the entire normative basis that refers to the VAT limit upon collection, so that it can be applied in economic activity starting with 01 March 2021. Note! If a person applying the system of VAT upon collection exceeded in the period January 1 - February 26, 2021 the turnover of 2,250,000 lei, but did not reach the limit of 4,500,000 lei, it remains for the period mentioned in the Register of persons who apply the system of VAT upon collection. 3. Clearer reformulation of the tax regime for gifts and gift vouchers granted on Easter and Christmas days or for other religious denominations on two similar days, or on 1st June or on 8th March, when they are granted to ladies. The provisions apply starting with the revenues related to March 2021. Granting of gift vouchers on the occasions mentioned above does not represent income of salary nature, if the value of the gift vouchers granted for each person and on each occasion does not exceed 150 lei. If the amount exceeds 150 lei, the amount that exceeds this value is subject to income tax on salaries and compulsory social insurance. Note! The tax regime for granting of gift vouchers on other occasions than the four mentioned, has not changed. Article 142 lit. r) of the Fiscal Code has not been repealed. 4. Employers may reimburse tourist and/or treatment expenses and these do not represent salary income, if the total value accumulated in a year for each employee does not exceed the average gross salary per country. 5. The deadline for submitting form 223 - Declaration on estimated revenues for associations without legal personality and entities subject to the tax transparency regime is April 15, 2021 inclusive.
1. Foreign companies that have the place of effective management in Romania have the obligation to organize and manage the accounting according to the Romanian Accounting Law. 2. The obligation to inventory the patrimony is extended on the occasion of the division or transformation of the legal form of the persons who have the obligation to keep the accounting. 3. It is expressly stated that the interim financial statements and the accounting reports will be kept for 10 years. |
