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New Romanian Tax Code

By July 26, 2015July 10th, 2021No Comments

The new Romanian Tax Code (in force starting from 1 January 2016) was approved by the Parliament on 25th June 2015 and will be published in the Official Gazette of Romania once it is approved by …

The new Romanian Tax Code (in force starting from 1 January 2016) was approved by the Parliament on 25th June 2015 and will be published in the Official Gazette of Romania once it is approved by the President. The main VAT highlights of the new act are the following:

  • The standard VAT rate is reduced from 24% to 19%;
  • The application of a reduced VAT rate of 9% for access to sports events;
  • The application of the reverse charge mechanism to the following:

                         o   supply of buildings, parts of buildings and land which are subject to VAT (as per the law or by option);
                         o   supply of investment gold;

  • There are clarifications brought to the anti-abuse rules, specifically regarding artificial transactions.

The amendment hasn’t been published yet. The above is based on the draft document sent to the Parliament for discussion and approval, as well as on the public declarations made by the Chamber of Deputies’ speaker.

 

Emilia Dragu and Marina Alexandru
DCTax