Wednesday, 30th December 2015, the Government adopted the Implementing regulations of the new Tax Code, according to an Executive’s handout.

The implementing regulations are correlated with the structure of the new Tax Code, the ten titles being structured in sections/subsections which link with the paragraphs from the law, but not changing the rules stated by the Code by means of Law no. 227/2015.

To guarantee the regular and easier implementation of the new Tax Code, applicable since 2016, the implementing regulations contain practical examples.

The ten titles of the regulatory document are:

1. General provisions – it comes up with clarifications regarding to the aspects that are included in the phrase “independent activities”, the domain and the way of implementing the methods used to estimate the market price for the transactions between the affiliated persons. Also, it comes up with assignations about the tax treatment applicable in case of readmitting a form of a transaction/activity by the tax authorities;
2. Tax on profit;
3. Tax on the income of microenterprise;
4. Tax on the income;
5. National insurance contributions;
6. Tax on the income of the non-residents gained in Romania and tax on companies’ agencies set up in Romania;
7. Value-added tax;
8. Excises and other special taxes;
9. Local taxes;
10. Tax on buildings.

Also check: Implementing regulations for the Tax Code | Project

:: The Source: JURIDICE.ro

Cosmina Sima