Hong Kong signed tax treaty with Romania
The Government of the Hong Kong Special Administrative Region signed an agreement on the avoidance of double taxation with Romania on November 18, 2015. Under the agreement, Romania's withholding tax rate on royalties, currently at 16 per cent, will
See MoreRomania and Isle of Man sign TIEA agreement
A tax information exchange agreement (TIEA) was signed between Romania and Isle of Man on November 4,
See MoreRomania: Late payment interest and penalties concessions
Romania’s government in October 2015 issued an “emergency ordinance” that allows for the “cancellation” of penalties and interest imposed for the late payment of taxes. The Emergency Ordinance no. 44/2015 supports the general interest of
See MoreRomania: Government planning to cut VAT on water supplies
The Romanian Government approved an urgent order on 27 October, 2015, aimed to enforce a reduction of value-added tax (VAT) for the supply of drinking water and water for irrigation. According to the Act, the VAT rate on supplies of water will be
See MoreRomania: Proposed reduction of dividend tax from 2016
The Romanian government is planning to cut dividend tax from 2016. At present dividend payments are taxed at 16%. This rate will be reduced to five percent from January 1, 2016, rather than from January 1, 2017 as previously planned. The
See MoreRomania: IMF issues report on fiscal and tax policy
The IMF has issued a report on Romania’s economy following the conclusion of discussions on recent economic developments and budget plans. Policy priorities include maintaining fiscal discipline and pushing ahead with structural reforms. The
See MoreRomania: New Agency for Largest Taxpayers
The Romanian tax authority has obtained permission from the Government to establish a specialized agency for dealing with the largest taxpayers. This initiative was recommended by an IMF report published last month. Recently the Romanian
See MoreRomania: New fiscal code published addressing corporate tax regime amendments
Romanian government published the Law no. 227/2015 regarding the Fiscal Code on 10 September, 2015. The new Fiscal Code, coming into force in 2016 which brings the following amendments for the corporate and micro-enterprise income taxation
See MoreRomania enacts new Fiscal Procedure Code
The Romanian tax authority has published the revised Fiscal Procedure Code in the Official Gazette no. 545 dated 23 July 2015. The existing Fiscal Procedure Code is being updated by Law 207/2015 implementing new provisions with respect to tax
See MoreRomania: Parliament confirmed VAT rate cut to 20% 2016
The Romanian Parliament yesterday agreed the standard VAT rate would be reduced from 24% to 20% on 1 January 2016. The rate would be reduced again to 19% in January 2017. The Government plan to cut VAT rate 19% in 2016 but IMF and EU was opposed to
See MoreRomania: Government approved the FATCA agreement with US
The Government approved the draft law for the ratification of the Agreement between Romania and the United States to improve international tax compliance and implementation of FATCA on 10 June 2015. The agreement was signed in Bucharest on 28 May
See MoreRomania: Chamber of Deputies approves the Fiscal Code and the Fiscal Procedure Code
The Chamber of Deputies has approved on 25 June 2015 the Fiscal Code and the Fiscal Procedure Code. The new Fiscal Code includes measures important to the economy, the most important being the reduction of VAT to 19%, as Romania moves from having
See MoreFATCA Agreement Signed between United States and Romania
Romania and the United States have signed a Foreign Account Tax Compliance Act (FATCA) agreement on 28 May 2015. This is a Model 1 Agreement. Under this reciprocal agreement, Romania will report the information required under FATCA about U.S.
See MoreRomania: Government allows tax breaks for foreign investors
With the aim of encouraging start-up business, the government of Romania has approved a new law to introduce tax relief for foreign venture capitalists. The new law will be applicable to foreign individuals who were previously unconnected with the
See MoreDTA between UAE and Romania signed
The Income Tax Treaty between United Arab Emirates and Romania has been signed on 5th May 2015. When in force and effective the new treaty will replace the Romania and United Arab Emirates Income and Capital Tax Treaty
See MoreRomania: Government Amends the Fiscal Code
Law no. 571/2003 regarding the Fiscal Code has been amended and supplemented by the publication of Government Emergency Ordinance no. 6/ 2015. This Ordinance introduces provisions on the taxation of income from the transfer of immovable property
See MoreRomania signs protocol with Italy to amend DTA
The amending protocol to the Income and Capital Tax Treaty (1977) between Romania and Italy was signed on April 25,
See MoreRomania and Norway sign income tax treaty
A convention between Romania and the Kingdom of Norway was signed on 27 April, 2015, for the elimination of double taxation and the prevention of income tax evasion. The new treaty will replace the Norway - Romania Income and Capital Tax Treaty
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