Romanian Cos May Pay Profit Tax Yearly, With An Advance Of 25%

Companies may opt between paying the profit tax each quarter or once per year, but choosing the latter option will require an advance payment of 25% of the profit tax owed for the previous year, says a draft ordinance amending Romania's Fiscal Code.

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Currently, only banks may pay the profit tax once per year.

Non-profit organizations and taxpayers deriving profit mostly from the cultivation of cereal, industrial plants, horticulture and viticulture will continue to pay profit taxes every year, without advance payments being required.

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