Romania: Fiscal Code Methodology

A Government Decision amending the Fiscal Code Methodology Instructions was published in November 2012.

Corporate income tax. The rules regarding the recovery of fiscal losses following a merger or a spin-off have been amended. Losses incurred in the previous years by the transferor can be used by the successor during the period remaining out of the initial five and, respectively, seven years.

Losses incurred between the period from 1st of January of the year in which the merger/spin off occurs until the date of the merger/spin off will be taken over by the successor in proportion to the assets and liabilities transferred and will be taken into account when assessing the fiscal profit or loss position of the respective year.

The transferor has the obligation to compute, keep records of the transferred/carried forward fiscal losses in their fiscal registry, as well as to provide information to the successor regarding the fiscal loss transferred by year. The successor has the obligation to record in its fiscal registry the fiscal losses taken over, based on the transcript provided by the transferor, and to mention distinctly the carry forward period for each fiscal loss transferred.

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