On November 4, 2016 a Emergency Ordinance project has been published for the change of Law 227/2015 regarding the Tax Code and Law 207/2015 regarding the Tax Procedure Code.
The most important changes brought to the Tax Code are:
- Rephrasing the anti-abuse clause (art. 11)
- The tax exemption for reinvested profits is extended to the acquisition or production of software, and the 31 December 2016 deadline for applying the exemption is removed.
- The expenses incurred for professional and technical education are specifically mentioned as being tax deductible for corporate and individual income tax purposes.
- The minimum capital limit for applying the corporate income tax system (as opposed to the microenterprise taxation) for new companies is reduced from 25.000 EUR to 45.000 RON (approx. 10.000 EUR).
- The rules for adjusting the deductible VAT for capital goods are amended (art. 305)
- A special VAT system for farmers is introduced (art. 3151)