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Romania: Changes to the Fiscal Code and the Fiscal Procedure Code
Romania: Changes to the Fiscal Code and the Fiscal...
Government Emergency Ordinance no. 50/2015, amending Law no. 227/2015 on the Fiscal Code and Law no. 207/2015 on the Fiscal Procedure Code (hereinafter “the Ordinance”) has been published in the Official Journal of Romania (no. 817 / 3 November 2015).
The most important changes to the new Fiscal Code applicable starting from 1 January 2016, are:
- The tax on dividends will decrease to 5% starting from 1 January 2016 instead of 1 January 2017.
- The 9% reduced VAT rate will also apply to supplies of drinking and irrigation water.
- The tax on micro-enterprises will apply to companies with a turnover of up to 100,000 euros (currently 65,000 euros) and tax rates will decrease for micro-enterprise that have employees.
