We kindly inform you that on 12th of October 2022, the Romanian Senate approved the project of the Law on the approval of Government Ordinance no. 16/2022 for amending and supplementing Law no. 227/2015 on the Tax Code, repealing some normative acts and other financial - fiscal measures, which can be found on the website of the Senate.
Thus, certain amendments are made to the tax provisions initially introduced by Ordinance no. 16/2022, out of which we mention the most important:
- For taxpayers that carry out activities subject to the Law no. 170/2016 on the specific tax for certain activities and who obtain, during the year, income from other activities, as of 1st of January 2023 it is introduced the obligation to apply the corporate income tax system for income from other activities, if one of the following conditions is met:
- Books consultancy and/or management revenues of more than 20% of total revenue;
- These other activities are in the field of banking, insurance, reinsurance, capital market, gambling, exploration, development, exploitation of oil and natural gas;
- The revenues from these other activities exceed 500,000 euros.
- Regarding local taxes, the initial form of the Ordinance suffers important amendments, respectively the application of the new method of calculation of the taxable value for buildings, depending on the values included in the Market Studies related to the indicative values of the real estate properties in Romania, administered by the National Union of Public Notaries in Romania, is postponed until 1st of January 2026.
Thus, it is maintained the current method of computation and the range of the rates for local taxes on land and buildings. However, as of 1st of January 2023, the taxable value for residential buildings owned by individuals is increased with up to 50%.
The project of the Law is under debate at the Chamber of Deputies, which is the decisional Chamber.
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