Romanian Govt Convenes Thursday To Approve Tax Code Amendments

The Romanian Government will convene on Thursday to approve some amendments to the Fiscal Code that aim to bring excises in line with European Union regulations, Finance Minister Gheorghe Ialomitianu said Wednesday.

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According to the minister, the Government will also hold talks on reintroducing a 3% income tax for micro-companies starting January 1. Ialomitianu highlighted that the issue must first be discussed with the International Monetary Fund and the European Union.

People close to the matter told MEDIAFAX in November the Government is contemplating the reintroduction of a 3% income tax for micro-companies.

Romanian companies currently pay a flat tax on profit of 16%.

Until December last year, micro-companies were allowed to opt between paying the tax on profit and paying a 3% tax on income. The choice was eliminated in January 2010.

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