Romania: comprehensive VAT deferment scheme to importers
The import VAT abeyance scheme has been extended in Romania under a Order issued by the Ministry of Finance at the end of last month. At present, persons who are owner of the specialized VAT deferment certificates are offered the opportunity to
See MoreRomania: Amendment of income tax rate for severance payments
Romania now limits the individual income tax rate of 85% with respect to only particular severance payment. Previously it was imposed on employees who were in management position or to the members of a board of directors under an Ordinance
See MoreRomania: Negotiation of Tax Agreement with Bermuda
Recently the Romanian government has announced its intention to commence negotiations for a tax information exchange agreement with Bermuda. This agreement when signed will allow Romania to gain more information about the activities of Romanian
See MoreRomania: Reduced VAT for bakery products
A change in the VAT rate in respect of bakery products is contained in Government Ordinance no. 16/2013 which was published in the official journal (no. 490, 2 August 2013). The reduced value added tax (VAT) rate of 9% will apply to the supply of
See MoreRomania: Late payment penalty provision
Government Emergency Ordinance no. 50/2013 regarding certain fiscal measures has been published in the Official Gazette of Romania (Part I, no. 320/2013). The Fiscal Procedure Code enforces a new regime in relation to penalties imposed for tax debts
See MoreRomania: Corporate tax rate remain unchanged
The Prime Minister of Romania has confirmed that the country’s 16 percent flat rate of corporation tax will be kept until 2016. The rate is being kept the same to provide investors with more stability and certainty in taking investment decisions
See MoreAustria and Romania signed a DTA Protocol
On October 1, 2012, Austria and Romania signed a Protocol to the double taxation agreement (DTA) between the two countries to add provisions for the exchange of tax information in line with international
See More