New bonuses for on-time payments of corporate/microenterprise tax
New bonuses for on-time payments
On 15 May 2020 the Law for the approval of Government Emergency Ordinance (GEO) no. 33/2020 (which introduced new fiscal measures during the state of emergency) was published in the Official Journal of Romania (no. 396). GEO 33/2020 introduced a bonus (variable according to the category of taxpayer) for on-time payment by 25 April of profit tax/microenterprise tax for the first quarter of 2020. The newly published law (in an addition to Article 1 of GEO 33/2020) extends this bonus to on-time payments of corporate/microenterprise tax for the second and third quarters, due on 25 July and 25 October respectively. The bonus is now 10% regardless of taxpayer category.
Bonuses will be granted for on-time payment of corporate tax and microenterprise tax for the second and third quarters of 2020
Government Emergency Ordinance (GEO_no. 33/2020 on some fiscal measures and the amendment of some legislation (“the Ordinance”), which entered into force on 30 March 2020, granted a bonus to taxpayers which paid on time the corporate tax / quarterly advance payment related to the first quarter of 2020, with a due date of 25 April 2020. The bonus was applied by the paying entities and had a different amount, depending on the category into which the taxpayer falls.
Law 54/2020 for the approval of GEO no. 33/2020, published in the Official Journal of Romania on 15 May 2020, introduces a new paragraph (11) which extends the period for which taxpayers may benefit from the bonus so that it can now also be applied for the profit tax / quarterly advance payment / income tax of micro-enterprises due on 25 July 2020 inclusive, for the second quarter, and 25 October 2020 inclusive, for the third quarter.
The bonus is 10% and is calculated on the tax due. Under this updated legislation the amount of the bonus will no longer vary depending on the category into which the taxpayer falls.
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