22
Fri, Jan
83 New Articles

Romania: Changes to December-approved Tax Amendments

Romania: Changes to December-approved Tax Amendments

Romania
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

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

MPR Partners | Maravela, Popescu & Asociatii is an internationally recommended and repeatedly awarded Romanian law firm providing integrated legal, tax advisory and insolvency services in all areas of interest for businesses and public administration. 

MPR Partners | Maravela, Popescu & Asociatii covers all major Romanian regions as well as the Republic of Moldavia, either directly or through carefully selected and closely coordinated correspondent offices. In addition, the firm has the infrastructure required to coordinate advice in multiple countries through highly reputed international networks of specialists ensuring high end services. 

Firm’s clients (multinational corporations, sound Romanian companies, private investors, public authorities and State companies) recommend MPR Partners | Maravela, Popescu & Asociatii as “A reliable team providing a high standard of work.” (quote by Chambers and Partners), having consistently endorsed the outstanding quality of services provided, flexible approach, responsiveness as well as the friendly working climate. 

More client feedback and further information on MPR Partners | Maravela, Popescu & Asociatii can be found at www.mprpartners.com.

All News about MPR Partners | Maravela, Popescu & Asociatii can be found here.

Our Latest Issue