Romania: new rules regarding the Fiscal Code

Rules have been introduced regarding the taxation of reserves obtained from updating the value of depreciable fixed assets and land with the inflation rate. These rules are applicable to taxpayers who implement accounting regulations in accordance with IFRS. Interest expenses related to acquisitions of fixed assets/intangible assets/inventory with a deferred payment determined based on IFRS rules are considered non-deductible.

For the purpose of applying the deductibility limitation of interest expenses, the definition of a credit / loan has been introduced. The definition refers to any agreement concluded between parties generating interest expenses and the obligation to reimburse the capital borrowed.

Provisions relating to the obligations of non-resident companies to declare and pay profit tax from the transfer of immovable property situated in Romania or participation shares in a Romanian company have been amended. Non-resident companies have the obligation to file an annual profit tax statement by 25 March of the next year.Alessandro Pasut

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