G.E.O. 32 of 28.06.2016
The Official Journal of Romania no.488 of 30.06.2016
Government Emergency Ordinance no. 32 of 28.06.2016 brings a number of changes to the Fiscal Code as follows:
Taxation of Income
- Starting with the 1st of August 2016, people who work in applied and/or technological research and development are exempt from wage taxation.
The line ministries are to issue an order to establish the conditions for its application.
- Starting with the 1st of June 2016, it is exempt from taxation the transfer of real estate from the personal property as a result of applying Law no. 77/2016 on dation in payment.
- The exemption applies for one single operation of dation in payment.
- The exemption applies retroactively to transactions concluded until 30.06.2016.
Reduction of VAT from 20% to 9% for agriculture
- Starting with the 1st of August 2016, a reduced VAT of 9% is applied for some products and services used in agriculture, such as:
- Fertilizers and pesticides
- Seeds and other products for sowing and planting
- Services specifically used in agriculture
Florica Cira | Tax Advisor
Eugen Ionesco 69A, corp C3, ap.4, Cluj Napoca
Tel: (40) 364 113 331; Fax: (40) 364 113 330
The above information represents a summary of the recently published information, with no purpose of providing consulting. FinACo cannot be held responsible as a result of using the information contained in this document.