The tax on dividends, the tax on incomes of the microentities and the excise duties are the main chapters of the Fiscal Code that suffered changes.
Contexpert has inventoried the new provisions introduced in the draft of the Fiscal Code. Our first conclusion is that the fiscal incentives for the business community are partially removed.
An example is the renouncement of the tax exemption on dividends and the introduction of a rate of 5%.
On the other hand, part of the provisions that exist in the law currently in force and eliminated by the draft of the Fiscal code are reintroduced.
Important: The draft of the Fiscal code was approved by the government and sent to parliament in late March. On April 28, the Senate voted the draft with several amendments that we present as follows. Currently, the project is debated by the Chamber of Deputies which is the decisional forum and might bring other amendments. Therefore, the law it is not final.
Profit tax
The tax exemption on reinvested profit has been extended and includes, besides the technological equipment – machines and equipment working -, computers and peripheral equipment and software.
The tax on dividends
The tax rate on dividends is 5%. The draft approved by the government eliminated the tax on dividends.
Thus, the tax is determined by applying a 5% rate on gross dividend paid to a Romanian legal entity to another Romanian legal entity.
The tax on incomes of microenterprises
The tax rate is 5% for microenterprises that have no employees. The draft of the Fiscal Code approved by the government established that the tax on incomes of microenterprises without employees was 3% plus an amount of 1.530 lei quarterly.
Micro-enterprises also pay 5% tax on dividends paid to a Romanian legal entity.
Income from independent activities
According to the amendments, the expenditures with the contributions for health insurance remain deductible. The Senate eliminated the provision introduced by the government that established it was no longer deductible.
Also, the social security contributions are deducted in determining net income from intellectual property rights. Therefore, both pension contributions and health insurance are deductible. The draft of the government no longer considered the health insurance contribution as a deductible expenditure.
Income from salaries
The total amount of deductible expenditures both for contributions to voluntary pension funds and to voluntary health insurance was increased from 400 euro to 650 euro per year.
Income from dividends
The dividends are taxed with 5% by legal entities that pay them.
Excise duties
The current level of the excise duties for fuels is maintained although the government proposed its reduction with 20%.
An incentive is provided for the transportation of goods and people. Thus, if the gas oil is used for vehicles weighing less than 7.5 tones and for passenger transport vehicles in categories M2 and M3, excise duties are reduced by 189.52 lei / 1,000 liters.
The excise duty for unleaded petrol remains 2643.39 lei / tone instead of 2151.13 lei / tone as the government proposed and for gas oil remains 2245.11 lei / tone instead of 1796.53 lei / tone.
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