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Legislative Proposals August 2017

LEGISLATIVE PROPOSALS

 

We inform you that the Ministry of Finance has published on its website, on 4 august 2017, the Government Ordinance Project concerning the broken-down payment of VAT and on 7 august 2017 the Government Ordinance project for modification and completion of the law 227/2015 regarding the fiscal code.

 

A. AMENDMENTS TO THE TAX CODE

It is proposed that the Ordinance to come into effect on 1 January 2018. By way of exception, the provisions on excise duty will come into effect on September 1, 2017.

The main changes are:

  • Deducting the amount disposed of claims representing the limit of a ceiling of 30% of the value of claims transferred plus amount of income realized from the disposal thereof.
  • Eliminating the tax on dividends from 1 January 2018.
  • Individuals shall be exempt from tax on income for income from wages and salaries, as well as assimilated from self-employment for the medical profession. The exemption will apply beginning with January revenue incurred in 2018.

 

B.BROKEN DOWN PAYMENT OF VAT

Broken Down Payment of VAT apply to all supplies of goods/services taxed in terms of VAT in accordance with the provisions of the tax code, for which the place is considered to be in Romania by the taxable persons normally registered for VAT purposes, except for the following:

  • the operations for which the beneficiary is the person liable for payment of the tax;
  • operations subject to special regimes.

 

 

For the details of the legislative proposals please access the following links:

The draft Ordinances:

http://discutii.mfinante.ro/static/10/Mfp/transparenta/ProiectOrdonantaCodfiscal_08082017.pdf
http://discutii.mfinante.ro/static/10/Mfp/transparenta/ProiectOrdonantaTVA_04082017.pdf

Notes of Ordinances:

http://discutii.mfinante.ro/static/10/Mfp/transparenta/NFProiectOrdonantaCodfiscal_08082017.pdf
http://discutii.mfinante.ro/static/10/Mfp/transparenta/NFProiectOrdonantaTVA_04082017.pdf