Romanian Finance Ministry recently published a press release regarding proposals for tax incentives and administrative simplification measures for both individuals and companies.
The following matters are included in the proposals;
- Encourage the online payment of taxes.
- Introduce a special VAT regime for persons carrying out agricultural activities, under which such persons will not have to comply, for the supply of agricultural goods and services, with the administrative obligations under the normal VAT regime.
- Reintroduce an exemption from tax on buildings and land for partners of persons with disabilities;
- Extend the application period for the exemption of income reinvested in the production and/or acquisition of IT and technological equipment utilized for performing economic activities;
- Grant tax incentives (in the form of tax deductions) to companies supporting professional qualification;
- Reduce, from EUR 25,000 to EUR 10,000, the share capital at the moment of incorporation that allows companies to opt to apply the corporate income tax rules instead of the special tax regime applicable for micro-enterprises (in order for such companies to use their tax losses); and
- Eliminate the obligation for taxable and non-taxable legal persons performing intra-Community transactions with goods and services to register in the Registry of intra-Community operators.
