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Baker Tilly: Monthly Tax Alert September 2019

September 11, 2019

Important legislative changes with fiscal impact 6 September 2019

As it was previously announced late July in a conference by Minister of Finance, Ms. Natalia Gavriliţă, the Ministry has prepared a draft of Decision for modification of legislation in order to prevent the predicted shortage in the execution of State Budget. The most important measures included in the draft was, next to others, the abolishment of interdiction for fiscal controls for the periods until 1st of January 2018, elimination of special VAT rate for HoReCa, taxation of meal tickets previously exempted of taxation with salary taxes, elimination of personal exemption for the persons which income exceeding 30 M lei per month, increasement from 20% to 50 % of the taxable base of capital gains for physical persons and to 100% for juridical entities, elimination of exemption of 500 M lei in the case of estimation of taxable revenue by indirect methods, etc.

After a series of debates and negotiations with business environment and representants of civil society, the Law no.122 dated 16 of August 2019, was been approved by the Parliament and published in Official Gazette no. 279-280 from 6 of September 2019. 

Next you can find more detailed information regarding legislative changes

1. Income tax
➢ The right of use of personal exemption for the persons which earn more than 360 M lei per year is going to be canceled. This amount does not include earnings (incomes) subject to withholding tax according to art. 901 Fiscal Code. Furthermore, the persons mentioned above will have the obligation to present the annual tax return to the tax office in case they used the personal exemption during the year. Consequently, they will have the obligation to pay the difference which arise as a result of recalculation of tax obligation.
➢ The rate of withholding tax from the incomes of physical persons according to the art. 90 (1) Fiscal Code is going to be changed from 7% to 12%. Thus, physical persons subject to this tax will be released from the obligation to fill the tax return and to pay the difference between the rate of WHT and the final tax rate.
➢ The taxable base of capital gains for the physical persons is going to be changed back to 50% (instead of actual 20%) and for the companies the taxable base is going to be changed to 100%. Actually, the concept of “capital gains” will be no longer applicable for the juridical persons and the transactions with “capital assets” will be taxable according to general rules. 

Read the entire alert in English or Romanian


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