Romania: fiscal code amendments and corporate income tax

The amendments to the Fiscal Code introduced by an Emergency Ordinance published in November will be applicable starting from 1 January 2014. The main amendments to the Fiscal Code include the following:

Taxpayers which have opted for a financial year different from the calendar year may opt for the fiscal year to correspond to the financial year. The first modified fiscal year includes also the period of the calendar year between 1 January and the day before the first day of the modified fiscal year. The tax authorities have to be notified with this regard at least 30 days before the beginning of the modified fiscal year.

The following types of income are included in the non-taxable income category: – dividends received from foreign legal entities subject to corporate income tax or a similar tax, located in countries which are not members of the European Union and with which Romania has concluded a double tax treaty; – capital gains derived from the sale/assignment of shares held in Romanian legal entities or in legal entities from countries with which Romania has concluded a double tax treaty; – income derived from the liquidation of another Romanian legal entity or of foreign legal entities located in countries with which Romania has concluded a double tax treaty.

To have a consultation by Alessandro Pasut on international economy click here.

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