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Romania: Changes to December-approved Tax Amendments

Romania: Changes to December-approved Tax Amendments

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According to Romanian Official Gazette no. 262/31 December 2020, some tax amendments that were approved on 21 December 2020 have been changed as follows:

  • Deliveries of medical equipment for in-vitro diagnosis of Covid-19, vaccines against Covid-19, as well as related vaccination and testing services are VAT-exempt until 31 December 2022;
  • The reduced 5% rate for VAT on the sale of housing below EUR 140,000 and 120 m2 will apply starting on 1 January 2022;
  • The 100% deductibility of adjustments for impaired receivables will be effective starting on 1 January 2022; until then, the 30% deductibility will continue to apply;
  • Specific corporate income tax payers do not owe specific tax for a period of 90 days starting on 1 January 2020;
  • Requests for cancellation of late payment interest and penalties can now be submitted between 1 January 2021 and 31 March 2021. The initial term ended on 15 December 2020;
  • Decisions on VAT refunds will be issued in subsequent tax audits by 31 March 2021.

By Carmen Mazilu, Associate, Noerr

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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