Romania revises CRS guidance on OECD FAQs
To aid financial institutions in complying with their reporting requirements, The National Agency for Fiscal Administration (ANAF) has established a dedicated section on its portal for the automatic exchange of information on direct taxes. ANAF,
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Montenegro-Romania social security agreement to be enforced from 1 June 2024
The bilateral social security agreement between Montenegro and Romania is slated to come into force on 1 June, 2024. Signed on 22 July, 2022, the agreement indicates a positive step towards enhancing social security cooperation between
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Romania announces tax amendments for 2024
Romania has implemented various tax amendments for 2024 that include new turnover taxes, VAT rate changes, and mandatory electronic invoicing. These tax changes are: A new regulation that imposes a 1% minimum turnover tax on companies with
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Romania publishes pillar 2 global minimum tax in the official gazette
On 5 January 2024, Romania published Law No. 431 of 29 December 2023 in the Official Gazette. This law enacts the implementation of the Pillar 2 global minimum tax in accordance with Council Directive (EU) 2022/2523 of 14 December 2022. In
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Romania: Parliament passes pillar 2 global minimum tax
On 19 December 2023, the Romanian Chamber of Deputies (lower house of parliament) approved the law to implement the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. In addition to the Pillar 2 global minimum
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Romania enacts amendments to the Tax Code
On 27 October 2023, Romania published Law No. 296/2023 in the Official Gazette. The law includes fiscal and budgetary measures aimed at securing the long-term financial sustainability of Romania. Starting from 1 November 2023, a standardized tax
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Romania releases draft law on global minimum tax rule
On 4 October 2023, the Ministry of Public Finance in Romania opened a public consultation on a draft law and explanatory note for implementing the Pillar 2 global minimum tax as per the Council Directive (EU) 2022/2523 of 14 December 2022. The
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Romania provides guidelines on public CbC reporting obligations
On 21 June 2023, the Romanian Government issued guidance to implement of the EU Public Country-by-Country (CbC) reporting Directive in the Official Gazette. On 1 September 2022, Romania became one of the first European Union (EU) Member States to
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Romania enacts DAC7
On 31 January 2023, Romania published Ordinance No. 16/2023 in the Official Gazette, which transposes EU Council Directive No. 2021/514 (DAC7) into Romanian law to implement new rules on the exchange of information on income generated through
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Romania publishes draft bill on DAC7
13 January 2023, the Ministry of Finance (MoF) has released a draft ordinance to implement the provisions of the amending directive on administrative cooperation in the field of taxation (Council Directive (EU) 2021/514) (DAC7) in the fiscal
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Romania introduces windfall profit tax on fossil fuel industry
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
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Romania gazettes public CbC reporting directive
On 7 September 2022, the Romanian Official Gazette published the regulations to implement the EU Public country-by-country (CbC) Reporting Directive. The Directive requires qualifying multinational companies operating business in the EU to publicly
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IMF Report Considers Romania’s Economic Situation
On 10 June 2022 the IMF published a report following discussions with Romania under Article IV of the IMF’s articles of agreement. Romania’s economy recovered well after the pandemic; but is now facing strong challenges. The GDP
See MoreRomania: BEPS MLI in Force
The Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Romania on 1 June 2022. With regard to the tax treaties between Romania and other countries for which
See MoreRomania deposits instruments for the ratification of the Multilateral BEPS Convention
On 28 February 2022, Romania has deposited its instrument of approval or ratification for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (Convention or MLI), which now covers over
See MoreRomania extends deadlines for tax return 2021
On 28 January 2022, the National Agency for Fiscal Administration (ANAF) of Romania has published a Notification No. 137 declaring the annual corporate income tax return and payment deadline is extended to 25 June 2022 for the tax year 2021.
See MoreRomania revises number of large taxpayers required to prepare TP documentation
On 29 October 2021, the Romanian National Tax Agency (NTA) published Order No. 1721 that revises the list of large taxpayers those are subject to prepare transfer pricing (TP) documentation. There are currently 2,940 large taxpayers until 31
See MoreRomania approves BEPS MLI
On 19 August 2021, Romania approved the ratification of the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (MLI). Romania must deposit its ratification instrument to bring the MLI into
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