Year-end review 2017: Most popular tax topics

Year-end review 2017: Most popular tax topics

A review of the most read KPMG in Romania tax newsflashes in 2017.

Ramona Jurubiță

Country Managing Partner

KPMG in Romania

tax newsflash

Major tax changes

On 10 November 2017, Government Emergency Ordinance 79/2017 (hereinafter „the Ordinance”) to amend the Fiscal Code (Law 227/2015) was published in the Official Journal of Romania (no. 885/2017). The date of entry into force of the new provisions is 1 January 2018 - Read the news here

Proposed tax changes – Fiscal Code

Changes regarding income tax and social security rates, employment income, income from independent activities, income from other sources, income from intellectual property rights, pension income, corporate income tax, tax on micro-enterprises, local tax - Read the news here

Chamber of Deputies has passed the law to approve the Ordinance on the VAT split payment mechanism

The Chamber of Deputies has passed the law to approve Government Ordinance no. 23/2017 on the VAT split payment mechanism, which will now be submitted for promulgation to the President of Romania. Significant amendments have been made compared to the initial version of the Ordinance - Read the news here

European Commission prepares major amendments to the current European VAT system

In a recent press release, the European Commission announced a new set of proposals which aim to make major amendments to the current VAT system applicable in the European Union (EU), the main purposes being to reduce VAT losses of over EUR 150 billion, representing amounts which are not collected by Member States - Read the news here

ECJ Decision issued in Case C-101/16 SC Paper Consult SRL

The ECJ has ruled that the right to deduct VAT exists regardless of whether the supplier has been declared inactive, as long as there is no evidence of tax evasion or loss of tax revenue to the State Budget - Read the news here

Implications of GEO 82/2017 amending and supplementing some legislative acts

In the Official Gazette no. 902/16.11.2017 was published GEO no. 82/2017 amending and supplementing some legislative acts ("GEO no. 82/2017"), which established the obligation to initiate collective bargaining in units where there is no collective agreement, for the implementation of the provisions of the Government Emergency Ordinance no. 79/2017 for amending and completing the Law no. 227/2015 on the Fiscal Code ("GEO no. 79/2017") - Read the news here

Labour Code Changes

Further to the recent changes of the Labour Code, we have received numerous questions mainly around the newly introduced employer’ obligation of keeping a daily record of the hours worked by the employees, with the start and finish times of the working program, at the employee’ place of work - Read the news here

Tax incentives and economic growth

As a consequence of the international financial crisis, economic growth has been and still is a prime target of governmental strategies of the European Union member states and also worldwide. In the new context of global competitiveness, technological progress is known to be one of the key elements of sustainable economic development, and the research, development and innovation (RDI) sector plays a leading part - Read the news here

New VAT registration / re-registration procedure

Order no. 605 of the President of the National Agency for Fiscal Administration, issued on 31 January 2017, was published in Official Journal of Romania no. 93, on 1 February 2017 (hereinafter referred to as “the Order”) - Read the news here

Tax Changes

Three items of legislation affecting tax were published in the Official Journal of Romania on 6 January 2017. Please see below details of these changes, which, with certain exceptions, will enter into force on 1 February 2017 - Read the news here

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