Legislation News no. 44/04.08.2020:
Law 153/2020, Order 2100/2020, and Order 2148/2020
Law no. 153/2020, amending and supplementing the Fiscal Code and Law no. 170/2016 on tax for specific activities
The law introduces a new tax treatment for electronic cash registers, which applies to corporate income taxpayers, micro-enterprises revenue taxpayers, and specific activity taxpayers.
For corporate income taxpayers, the acquisition cost of electronic cash registers will be considered a non-deductible expense when computing the tax result for the period in which the devices were put into operation; afterward, this cost can be deducted from the corporate income tax quarterly or annually due. If the cost is not deducted from the income tax, the amount will be carried forward to the next 7 years.
The same system applies to micro-enterprises: the acquisition cost of electronic cash registers will be deducted from the micro-enterprise revenue tax in the quarter in which the devices were put into operation, within the tax due for that quarter. If the amounts are not deducted, they will be carried forward to the next 28 consecutive quarters.
Taxpayers who pay the activity-specific tax who purchase electronic cash registers can deduct their acquisition cost from the specific tax in the year in which they were put into operation, within the specific tax due for that year. If the cost is not deducted from the specific tax, the amount will be carried forward to the next 7 years.
This measure also applies to personal income taxpayers (i.e. individuals who earn income from self-employment or freelancing activities). These taxpayers will add the acquisition cost of the electronic cash registers to their annual taxable net income, and then they will deduct it from the annual tax due.
The tax credit can be applied to electronic cash registers acquired in 2018, 2019, and 2020, up to the date of entry into force of this law, if certain conditions are met.
Order 2100/2020 of the Minister of Finance, approving the cancellation procedure for cancellation of late payment interest and penalties
The Order approves the cancellation procedure of late payment interest and penalties, according to chapter II of Ordinance 69/2020. The order also clarifies what obligations may be subject to cancellation, which debtors may benefit from the cancellation, and how the deferral of payment will be granted.
Order no. 2148/2020
The Order modifies and annotates the instructions to apply the VAT exemption for the operations stated in art. 294 para. (1) lit. a) -i), art. 294 para. (2) and art. 296 of Law no. 227/2015 regarding the Tax Code.
The order also clarifies and brings annotations related to intra-community deliveries, exports of goods, services related to export, and to supporting documents for exemption.
*This info represents a brief presentation of the most recent legal developments and is not to be treated as consultancy. RSM Romania is not responsible for the use of this information without prior advice.