|  31.07.2017

Tax alert No. 16

We have summarized below the main amendments and completions brought to the Tax Code by the Law no. 177/2017 for the approval of the Government Emergency Ordinance no. 3/2017 and by Ordinance no. 4/2017 for amending and completing Law no. 227/2015 regarding the Tax Code.

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- Corporate income tax


- Taxpayers


A new category of taxpayers not subject to corporate income tax was introduced, namely the associations of owners set up as legal persons and associations of tenants recognized as associations of owners, with the exception of those that obtain income from exploiting the common property, according to the law.


- Tax exemption on reinvested profit


The exemption is applicable also to the taxpayers which become corporate income taxpayers (from taxpayers subject to the tax on income derived by microenterprises) as a consequence of fulfilling the condition of having at least 45.000 RON as sharecapital.


- Expenses


New situations/conditions are introduced regarding the deductibility of expenses related to goods consisting in inventory or depreciable fixed assets found missing or that are damaged, non-chargeable. Alongside the deductibility conditions already in place, the following are introduced:


- Food for human consumption, with a limit-date for consumption close to expiry;


- Subproducts of animal origin, not forhuman consumption;


- Agrifood products, rendered unfit for humanor animalconsumption.


The above situations for which deductibility is granted are applicable in the context of the legal provisions regarding the reduction of food waste.


- Tax on income derived by microenterprises


Certain clarifications are brought regarding the Romanian legal persons that are subject to the specific tax on certain activities and which, at the same time, also fulfill the conditions for taxation under the microenterprises regime. The provisions of Title III Tax on income derived by microenterprises from the Tax Code prevail over the provisions of Law no.170/2016.


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