New rules for the tax year 2009

According to GEO no.127 of October 8, 2008 in order to change and complete the Law no. 571/2003 related to the Fiscal Code, taking into consideration the difficulties recorded on the international financial market and the negative effects on the domestic capital market it is imposed adopting of some prompt fiscal measures which to support the Romania stock exchange market.

The fiscal measures proposed by the ordinance have as goal to reduce the negative influences generated by the difficulties recorded on the capital market against the Romanian investment environment.

Tax on profit

According to the ordinance, during January 1 – December 31, 2009 inclusively, the profit recorded by the Romanian legal persons through equity paper transactions on the authorized and supervised market by the Romanian National Securities Commission (RNSC), won’t be taxed.

At the moment, the incomes realized by the Romanian legal persons through equity paper transactions on the ruled market and also the afferent expenses, are taken into account for determining the profit before taxation, without any special regulations. In addition to this measure,  will be also assured the report of the losses recorded by the natural person in the next tax year of the net earnings divided according to those two types of titles owned, related to the period of holding them , respective under 365 days and over 365 days.

Concomitantly, the expenses that represent the value of registering these types of equity papers, as also the expenses recorded with the occasion of unfolding the operations of transaction represent the non-deductible expenses to the calculation of taxable profit. Also, the profits obtained by the foreign legal persons by transaction on the authorized and supervised market by Romanian National Securities Commission (RNSC) of the equity papers owned by a Romanian legal person, won’t be taxed.  Significant changes aim also the tax on income tax of investments. So, starting with the tax year 2010, the losses resulted out of the securities transaction (excepting loses derived of the transactions with shares and transferable securities, in case of the closed corporations) can be reported in the following year. So, the annual loss recorded in the tax year 2009 won’t be reported. Also during January 1- December 31, 2009 inclusively, the Fiscal Code stipulates that the incomes realized by the natural persons by securities transfer, other than shares and transferable securities in case of the closed corporations won’t be imposed.

Expenditure deduction

According to the ordinance 127, starting with 2009, the deduction limit for the employer’s expenditures, in name of an employee for the voluntary pensions will be increased of 200 euro to 400 euro (equivalent in lei) in one tax year, for each participant.  In the same time,  it will also be increased the deduction limit of the expenditures with the voluntary health insurance premiums of 200 Euro to 250 euro (equivalent in lei) in one tax year, for each participant. Changing the income tax it assumes that starting January 1, 2009, to the calculation of income tax is increased also the deduction contribution to the voluntary pension funds, of 200 euro equivalent in lei to 400 euro yearly. There is also changed the income tax derived by independent activities. Starting January 1, 2009 the deduction level of the contributions paid in name of the employees to the voluntary pension funds it is also increased to the equivalent in lei of 400 euro yearly for one person by the current level of 200 euro, for the calculation of income tax derived by independent activities, and it is also increased the deduction limit of the expenses with the voluntary health insurances of 200 euro equivalent in lei to 250 euro in one tax year, for each participant.

Tax free incomes

The changes brought to the Fiscal Code through the ordinance 127 stipulate that the incomes obtained by nonresident bodies of collective deposit without juridical personality by the securities transfer, respective of the equity papers, owned direct or indirect by a Romanian legal person don’t represent taxable incomes in Romania. The incomes obtained in Romania by non residents out of the derived financial instruments transfers, represent also untaxable incomes. The incomes obtained by non residents on the foreign capital markets by securities transfer, owned by a Romanian legal person as also the securities transfer emitted by the Romanian residents don’t represent also taxable incomes in Romania. Taxing of non residents has suffered a few changes. So, starting with the tax year 2009 there are inserted as taxable incomes, according to the tax on profit or the tax on incomes of the micro enterprises, the incomes obtained by non residents of an association set up in Romania, inclusively of an association of a natural non resident person  with a micro enterprise.

VAT payment, before registration

Starting with November 1, 2008 the way of depositing the special expense for the value added tax will be also changed. This measure is taken for supporting the program of collecting the incomes to the state budget, being the main instrument for assuring the budgetary equilibrium, and has as goal to reduce the tax evasion.  This must be hand in only for the periods in which takes place the eligibility of the tax, thus:

- up to 25 inclusively, of the following month in which the eligibility of the intra-community acquisitions takes place;
- before registration in Romania of a new mean of transport,  by persons that aren’t registrated for paying  VAT , but not later than 25 inclusively of the following month in which takes place the eligibility of the intra-community acquisition. 

So, the Fiscal Code binds that the hand in of the special expense and the VAT payment to be made before the registration of the new ways of transport in Romania, which represents the object of an intra - community acquisition, by the persons which aren’t registered for paying VAT, inclusively the natural persons.  Starting with November 1, 2008 the economic operators that commercialize or intend on commercializing in en-detailed system power products such as fuels for heating, for which are needed taxes, such as gasoline with plumb; gasoline without plumb; diesel; (kerosen) are forced to register to the territorial fiscal authority. In this way it can be tracked the activity developed by these distributors.

Facilities for tourism

Changing the Fiscal Code starting with January 1, 2009 stipulates granting of facilities for the companies which have tourism activities. So, the tax on buildings and the tax on land are reduced with 50% for those buildings and lands owned by legal persons, which use them exclusively for offering services on a period of maximum 6 months in one year.