Romania: New law modifying the tax code
Most provisions of the law will become effective beginning in 2024
Most provisions of the law will become effective beginning in 2024
Law 296/2023, which was published in the Official Journal of Romania no. 977 on 27 October 2023, introduced substantial modifications to the tax code.
Most provisions of the law will become effective beginning in 2024, but there are also exceptions, such as those concerning the tax exemptions applied to some categories of salary income (information technology (IT), construction, agriculture), which will become effective starting with the income related to the month following the adoption of the legislation and its publication in the Official Journal of Romania (i.e., starting from November 2023).
Read an October 2023 report [PDF 246 KB] prepared by the KPMG member firm in Romania that discusses the following changes to the tax code, as well as other relevant laws for the business environment in Romania:
- Special tax on high value immovable and movable assets
- Minimum tax on turnover, additional turnover tax for banks, and specific tax for the oil and gas sector
- Specific tax for the oil and natural gas sector
- Microenterprise income tax
- Value added tax (VAT)
- Excise duties
- Tax on personal income whose source has not been identified
- CASS (health contribution) for certain income from wages and income from self-employment
- Income tax from wages
- New requirements to send information in the national electronic invoice system- RO eFactura
- New requirements in relation to the RO e-Seal system
- Measures introduced to combat tax evasion
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