They are part of the complex process for the modernization of the tax legislation, one of the main objectives included in the Fiscal-Budgetary Strategy for 2013-2015 and the Legislative Program of the Romanian Government for 2013-2016.
Both projects have been published, in order to be publicly consulted, mostly by the business environment, further on sent to the Parliament for discussions, amendments and eventually for approval.
THE MOST SIGNIFICANT AMENDMENTS PROPOSED IN THE DRAFT OF THE NEW TAX CODE:
the decrease of the corporate income tax from 16% to 14% starting with 1st January 2019;
the dividend income is tax free;
a differential tax rate for the micro - enterprise income, depending on the number of employees, as follows:
- 1% for the micro-enterprises with more than two employees as well;
- 3% for the micro-enterprises with one employee;
- 3% + Lei 1,530 quarterly, for micro – enterprises with no employees.
a decreased VAT for goods and services from 24% to 20% from 1st of January 2016. Moreover, from 1st of January 2018, the VAT could become 18%;
a decreased VAT for meat, fish, vegetables and fruits from 24% to 9% from 1st of January 2016;
a decrease of the social contributions paid by the employee from 10,5% to 7,5% from 1st of January 2017;
a decrease of the social contributions paid by the employer from 15,8% to 13,5% from 1st of January 2017;
the expenses with health care contributions are not deductible for salary tax purposes;
the health care contribution is due for all types of income individually, as dividends, interests, capital gains, regardless if the individuals receive additionally salary income or freelancer income; the freelancers will pay the pension fund to the net income.
THE MOST SIGNIFICANT AMENDMENTS PROPOSED IN THE DRAFT OF THE NEW TAX PROCEDURE CODE:
a noncompliance penalty of 5%, 25%, 75% and 100%;
the late-payment interest to be 0,02% per day compared with the actual rate of 0,03%;
the possibility to correct the material errors from the payments documents of the taxpayers in case the payment was made in a different budget account than the relevant one;
the taxpayers’ right to address to the Court in 6 months from the moment the tax authorities should have answered to the tax appeal.