In the Official Journal no. 956 of October 16, 2016 was published HG no. 864/2020 regarding the amendment and supplementation of the Methodological Norms for the application of the Law no. 227/2015 on the Fiscal Code, approved by HG nr.1/2016.
According to the initiators, promoting the legislative act was a result of: clarifying the tax treatment appliable to compensatory operations within procurement contracts for defense purposes, public order and national security; the need to correlate with the provisions of the Fiscal Code , as a result of consecutive changes made to it; the need to comply with decisions made by the Court of Justice of the European Union; the provisions in article III of Law no. 131/2020 for supplementing sub-paragraph 8, article 27 of Law no. 227/2015 regarding the Fiscal Code and for the amendment of Law no. 217/2016 regarding food waste reduction, published in the Official Journal of Romania, Part I, no. 623 of July 25, 2020; the need to introduce provisions on the VAT regime for credit management and/ or credit guarantees management operations, carried out in the framework of syndicated credit agreements, in accordance with the Guidelines agreed upon by the VAT Committee of the European Commission; the need to clarify the VAT system for the management of occupational pension funds, governed by Law no. 1/2020 on occupational pensions.
The changes resulting from this legislative act concern the following:
♦ Title II „Income Tax”
The examples set out in paragraph 13(2) of the Rules have been supplemented by a new paragraph containing provisions on the tax regime of taxpayers as a result of participation in compensatory operations relating to contracts for defense purposes, public order and national security, as regulated by OUG no. 189/2002, consisting of producing equipment, technique, technology, materials and products covered by the procurement contract or the provision of services which contribute to the proper implementation and operation of purchased equipment and products.
Read more on CECCAR Business Magazine.