The official monitor of Romania no. 716, brings a topic of interest in the matter of fiscal law by adopting Ordinance no. 16/2022 for the amendment and completion of Law no. 227/2015 regarding the Fiscal Code, the repeal of some normative acts and other financial-fiscal measures.
The main changes to the legislation in force, brought by the new normative act, concern the following aspects:
Tax exemption of reinvested profit
Regarding the expansion of fiscal facilities, they aim at the tax exemption of the profit reinvested or invested in assets used in the production and processing activity, as well as in re-technology assets, to support taxpayers to expand new production skills, even the re-technology of already known ones.
Tax on dividends
Taxes related to the dividend tax rate are increased. They increase from 5% to 8%, for dividends paid between legal entities of Romanian origin.
Tax on the income of micro-enterprises
– the taxes applied to the income of micro-enterprises benefit from an optional tax regime through the lens of the new regulation.
A Romanian legal person can benefit from the tax reduction in accordance with the legislative regulations related to the income tax of micro-enterprises if by 31.12.2021 it cumulatively fulfills the following conditions:
a) his income did not exceed the equivalent in lei of the sum of 500,000 euros
b) is not in dissolution, followed by liquidation, registered in the commercial register or in the courts, according to the law;
c) made incomes, other than those from consulting or management, in relation to more than 80% of the total incomes;
d) has at least one employee/employee
e) has associates or shareholders who hold more than 25% of the share capital or voting rights, at most three Romanian legal entities, who qualify to apply the tax system on the income produced by micro-enterprises;
Income tax and mandatory social contributions
With regard to the income from wages and salaries, a maximum monthly non-taxable income, which is not limited in the calculation bases of the mandatory social contributions, will be achieved, of no more than 33% of the basic salary corresponding to the position held, under the conditions provided by law and certain cases.
With the date of August 1, 2022, the threshold up to which fiscal facilities can be granted in the field of construction, the agri-food sector, more precisely from the amount of 30,000 lei per month, to 10,000 lei per month.
The provision regarding the exemption from the payment of income tax, resulting from the salary income made by natural persons from employers who carry out seasonal activities in the HoReCa field, is repealed.
Also, from August 1, 2022, new changes will be made to the taxation rates of gambling income, from the current le vel of between 1% and 25%, to a threshold of between 3% and 40%, as well as changing the gross income tranches on which these quotas are used.
Discussing the new changes that have appeared in the field of local taxes, we recall:
a) the phrase “mixed purpose building” is removed from the current legislation to simplify the procedure for calculating the tax on buildings and accurately determine the nature of the building.
b) the minimum limits of the taxation thresholds on residential and non-residential buildings are changed.
ORDINANCE no. 16 of July 15, 2022 for the amendment and completion of Law no. 227/2015 on the Fiscal Code, the repeal of some normative acts and other financial-fiscal measures: https://legislatie.just.ro/Public/DetaliiDocument/257589