{"id":3762,"date":"2023-10-31T10:18:23","date_gmt":"2023-10-31T08:18:23","guid":{"rendered":"http:\/\/ceccar.org\/en\/?p=3762"},"modified":"2023-10-31T10:18:23","modified_gmt":"2023-10-31T08:18:23","slug":"the-main-changes-to-the-fiscal-code-contained-in-law-2962023-on-some-fiscal-and-budgetary-measures-to-ensure-romanias-long-term-financial-sustainability","status":"publish","type":"post","link":"https:\/\/ceccar.org\/en\/?p=3762","title":{"rendered":"The main changes to the Fiscal Code, contained in Law 296\/2023 on some fiscal and budgetary measures to ensure Romania’s long-term financial sustainability"},"content":{"rendered":"

\"\"<\/a>Law 296\/2023 on some fiscal and budgetary measures to ensure Romania’s long-term financial sustainability was published in the Official Gazette no. 977\/27.10.2023.
<\/em><\/strong><\/span><\/p>\r\n

I. Profit tax<\/span>
<\/strong><\/span><\/p>\r\n

1.1 Minimum tax of 1% of the turnover (for large companies)<\/span><\/p>\r\n

Taxpayers who register in the previous year\u00a0a turnover of over 50,000,000 euros<\/strong>, and who in the calculation year determine a profit tax, accumulated from the beginning of the fiscal year\/amended fiscal year until the end of the quarter\/calculation year, which is lower than the minimum turnover tax established according to the provisions below, are obliged to pay profit tax at the level of the minimum turnover tax.<\/span><\/p>\r\n

The previous year’s turnover is the difference between total revenues (VT) and revenues subtracted from total revenues (Vs).<\/span><\/p>\r\n

The minimum turnover tax is determined as follows:<\/span><\/p>\r\n

IMCA =\u00a01%\u00a0<\/strong>x (VT \u2013 Vs \u2013 I – A), where the indicators have the following meaning:<\/span><\/p>\r\n

IMCA – minimum turnover tax, determined cumulatively from the beginning of the fiscal year\/ amended fiscal year to the end of the quarter\/calculation year.<\/span><\/p>\r\n

\r\n

VT – total revenues, determined cumulatively from the beginning of the fiscal year\/amended fiscal year to the end of the quarter\/calculation year, as the case may be;<\/span><\/p>\r\n

Vs – revenues that are subtracted from total revenues, determined cumulatively from the beginning of the fiscal year\/amended fiscal year to the end of the quarter\/calculation year, as the case may be, representing:<\/span><\/p>\r\n

    \r\n
  1. non-taxable income;<\/span><\/li>\r\n
  2. revenues related to product inventory costs;<\/span><\/li>\r\n
  3. revenues related to the costs of services in progress;<\/span><\/li>\r\n
  4. revenues from the production of tangible and intangible assets, which are not contained in indicator I;<\/span><\/li>\r\n
  5. revenues from subsidies;<\/span><\/li>\r\n
  6. income from compensations, from insurance\/reinsurance companies, for damages caused to goods of the nature of stocks or own tangible assets;<\/span><\/li>\r\n
  7. revenues representing excise duties that were simultaneously reflected in expense accounts;<\/span><\/li>\r\n<\/ol>\r\n

    I – the value of fixed assets in progress incurred by the purchase\/production of assets, recorded in the accounting records starting from January 1\u00a0st<\/sup>, 2024, respectively starting from the first day of the amended fiscal year that begins in 2024;<\/span><\/p>\r\n

    A – accounting depreciation at the level of historical cost related to assets purchased\/produced starting from January 1st<\/sup>, 2024\/the first day of the amended fiscal year that begins in 2024.<\/span><\/p>\r\n

    Effective date: January 1st<\/sup>, 2024<\/span><\/p>\r\n

    Read the entire article in CECCAR Business Magazine<\/a>.<\/p>\r\n<\/div>","protected":false},"excerpt":{"rendered":"

    Law 296\/2023 on some fiscal and budgetary measures to ensure Romania’s long-term financial sustainability was published in the Official Gazette no. 977\/27.10.2023. I. Profit tax 1.1 Minimum tax of 1% of the turnover (for large companies) Taxpayers who register in the previous year\u00a0a turnover of over 50,000,000 euros, and who in the calculation year determine Citeste mai departe<\/a><\/p>\n","protected":false},"author":2,"featured_media":3763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stiri","cat-8-id"],"_links":{"self":[{"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=\/wp\/v2\/posts\/3762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3762"}],"version-history":[{"count":1,"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=\/wp\/v2\/posts\/3762\/revisions"}],"predecessor-version":[{"id":3764,"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=\/wp\/v2\/posts\/3762\/revisions\/3764"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=\/wp\/v2\/media\/3763"}],"wp:attachment":[{"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceccar.org\/en\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}