Changes to the Fiscal Code

7. December 2020 | Reading Time: 1 Min

The authorities recently announced a number of changes to the Fiscal Code, including the following:

  • The tax on buildings and land used for a maximum of 180 days a year in the provision of tourism services is reduced by 50%
  • Tax incentives on early education provision are to be introduced (e.g. tax credits of up to RON 1,500 a month for each child).
  • Starting in 2021, the supply of dwellings with a maximum usable area of 120 m2 and a maximum sales price of EUR 140,000 will benefit from the lower VAT rate of 5%.
  • Profit reinvested in supporting dual-vocational education is to become exempt from corporate tax.
  • Sponsorship expenditure may now also include costs incurred by taxpayers for the practical training of pupils.

In addition, various important amendments to the Fiscal Code and the Fiscal Procedure Code are to be enacted. We will be providing further details of these in subsequent newsletters.

Source: Law no. 230/2020, Law no. 239/2020, Law 248/2020 and Law no. 262/2020 on the amendment of Law no. 227/2015 regarding the Fiscal Code

 

Tax & Legal Newsletter_December_2020
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