Fiscal Procedure Code: new provisions for cross-border arrangements

The Fiscal Procedure Code has been recently modified, through Government Ordinance no. 5/2020, published in the Official Journal no. 68/2020.

As previously mentioned, the pronouncement transposes the provisions of the Council Directive 2018/822/EU amending Directive 2011/16/EU regarding the mandatory automatic exchange of information in the field of taxation concerning the cross-border arrangements that are subject to reporting.

According to the explanatory note, the ordinance requires intermediaries to report any information to tax authorities, regarding certain cross-border arrangements that could be used to gain tax advantages (transferring profits to more beneficial tax regimes, reducing the taxes due etc.).

Find out more in CECCAR Business Magazine.

Written by

Leave a Reply