Romania - FOREX Interest Deduction Cap Increased [27 May 2009]
The deductibility cap on foreign exchange loans has been increased from 7% to 8%. The increased percentage is effective retroactively to 1 January 2009.
Romania - Changes to Corporate Tax Legislation [16 April 2009]
On April 14 changes to the corporate tax act were published within the frame of a government emergency ordinance. The most important changes are listed below.
- Effectively 1 May 2009 a minimum tax will be introduced. This minimum tax will be payable by corporate tax payers if the regular corporate tax as calculated is lower than the minimum tax. The minimum tax is calculated after the corrected revenues as reported in per 31 December 2008.
- Effectively 1 May 2009 fuel expenses for passenger cars will no longer be deductible for corporate tax purposes. This measure will cease on 31 December 2010.
- Reserves from revaluation of fixed assets and land, made after 1 January 2004, which are deductible through depreciation or expenses triggered by the sale of assets or depreciation, are taxable at the same time and for the same amount as the tax depreciation deduction, respectively when the assets are sold or depreciated. This measure is effective from 14 April 2009.
Romania - Changes to VAT Legislation [16 April 2009]
Effectively 1 May 2009 VAT incurred on fuel expenses for passenger cars and on the purchase of passenger cars will no longer be deductible for VAT purposes. This measure will cease on 31 December 2010.