On 29 December 2022, Romania published Ordinance No. 186/2022 in the Official Gazette. The ordinance enforces a windfall tax on surplus profits in the fossil fuel industry. This tax is based on the EU Council Regulation 2022/1854 and applies to crude oil, natural gas, coal, and refinery companies. The tax rate is 60% applies for the fiscal year 2022 and 2023 on taxable profits exceeding 120% of the average taxable profits of the previous four years (2018-2021). Companies are liable to pay the tax if at least 75% of their turnover is generated from extraction, mining, petroleum refining, or the production of coke oven products. The solidarity contribution is to be paid annually, and the deadline for payment is either June 25th of the following year or the 25th of the sixth month after the close of a non-calendar year.
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