Romania: changes in the Fiscal Code

Fiscal Code in Romania. In July a Government Decision amending the Norms for the application of the Fiscal Code has been published in the Official Journal of Romania. Some of the most important changes are listed below.

Deductible expenses. Expenses related to the write-off of bad debts, as a result of the implementation of a reorganization plan accepted and confirmed by a Court hearing, in accordance with the insolvency law, are now specified as being expenses incurred for the purpose of generating taxable income (i.e. deductible expenses).

Non-deductible expenses. Clarifications have been made regarding expenses related to motor vehicles which are subject to the 50% deductibility limitation. According to the Fiscal Code, depreciation expenses are not subject to the deductibility limitation. The Norms further state that the expenses related to VAT for which the deductibility right has not been granted are also subject to the deductibility limitation for corporate income tax purposes.

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