RSM Romania


G.E.O. 70 and Law 54/2020

Legislation News no. 37/20.05.2020: 

Emergency ordinance no. 70/2020

Law no. 227/2015 regarding the Tax Code — G.E.O. 70
Expenses with the assignments of government securities, bonds, and other debt instruments that give the holder a contractual right to collect cash are considered fully deductible to the corporate income tax computation.
For taxable incomes obtained in Romania by residents and non-residents from activities related to organizing or participating in cultural, artistic, sports, scientific, educational, or entertainment events, the income tax is calculated and withheld when the payment of income is made; the income tax will be declared and paid to the state budget until the 25th of the month following the month in which the event took place. The tax is calculated, withheld, declared and paid in Lei, at the exchange rate communicated by the National Bank of Romania for the day when the income is paid to non-residents.
Law no. 129/2019 to prevent and combat money laundering and terrorism financing — G.E.O. 70
The deadline for the submission of the beneficial owners` statement is extended to November 1, 2020.
The statement regarding the beneficial owner can be submitted as a hardcopy under private signature or as a digital file and can be sent to the Trade Registry Office without any other formality, by electronic means, using an electronic signature, or by post and courier services. The statement regarding the beneficial owner can also be submitted in authentic form, certified by a lawyer, or given at the trade register office.
Measures regarding the validity of some documents in the epidemiological context caused by the spread of the coronavirus — G.E.O. 70
The validity of the documents issued by the public institutions and authorities is maintained throughout the state of emergency, as well as for a period of 90 days from the cessation of this state.  
Identification documents that expired no more than 15 days before the beginning of the state of emergency are also valid for the same period of 90 days from the cessation of the state of emergency.
Law 54/2020 for approval of G.E.O. 33/2020 regarding tax measures and the amendment of certain normative acts
Corporate income tax payers and micro-enterprises income taxpayers, who are paying the Q2 and Q3 2020 taxes by the legal deadlines (July 25, 2020, and respectively October 25, 2020) can benefit from a 10% discount on their tax due for those quarters.
*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.