Noutati
Fiscal code
Vineri, 26 Noiembrie 2007
According to the project of modification of the Fiscal Code, the social contributions paid by employees with high income will no longer be limited starting with 1 January 2008 and the ceiling of their due pension will be eliminated.
The new Fiscal Code will take in consideration the extension of the taxation basis however without increasing the taxes. Among the Fiscal Code modifications are included the modalities of payment of the value added tax and the possibility to distribute dividends during the year.
Authorized natural persons, persons who entered copyright contracts as well as persons who derive income from independent activities must register with their provenance Financial Administration (according to their identity card address) within 15 working days the documents proving the fact that they follow to derive income from a specific activity.
Such persons must submit with the Financial Administration the Statement 221 completed in two copies, stipulating an estimate of the income they will derive, Form 020, a copy of the identity card and a copy of the contract.
Tax payers with income derived from copyright will register the contract only once without notifying the subsequent possible modifications brought by articles of amendment.
Notaries must register the decision of the Court of Appeal which grants them the right of practice, lawyers – the decision of the Bar Association, architects – the decision of the Order of Architects and physicians – the decision of the College of Physicians. These persons as well as other authorized natural persons will also bring a copy of the document proving they have a registered office where they develop their activity.
The elimination of the reverse charge in constructions, the increase of the monthly ceiling regarding the non-chargeable income from pensions and the postponement until 2009 of the agricultural income tax. These are a few of the modifications in the Fiscal Code, approved yesterday by the Government.
The Government postponed until 2009 the enforcement of the 2% tax for income deriving from the agricultural products sold in specialized centers which should have come in force on 1 January 2008.
Another modification stipulated by the normative document approved on Thursday regards the taxation of the earnings derived from casino gambling and slot machines, which presently are not taxed.
Also concerning the income tax, the monthly ceiling concerning the non-chargeable income from pensions has been increased from 900 lei to 1.000 lei.
The project postpones to 2010 the generalization of the system applied starting with 1 January 2007 by all the banking companies to the payment of the tax income and which should have been enforced for all tax payers starting with 1 January 2008.
Concerning VAT, has been eliminated the provision introduced on 1 January 2007 regarding the reverse or simplified taxation for construction-assembling works because such provision determined a time shift unfavorable for the cashing of the state budget tax.
The normative document extends until 31 December 2011 the payment of the VAT in customs for imports, following that only starting with 2012 when Romania would have already strengthen its VAT control system to be again applicable the VAT simplified payment measures for all importers, the same way it applies presently for those who perform imports in the previous year of at least 150 millions lei.