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.

1000
Rene Schob

Partner, Head of Tax & Legal

KPMG in Romania

Email

Related content

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.

© 2021 KPMG Tax SRL, a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today