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Romania To Tax Meal, Gift, Nursery, Vacation Vouchers As Of July 1, 2010

Meal, gift, nursery and vacation vouchers, as well as compensatory payments, will all be taxed as of July 1, when the Romanian Government is set to enforce the recent amendments to the country’s Tax Code, which target to expand the taxation pool.
Romania To Tax Meal, Gift, Nursery, Vacation Vouchers As Of July 1, 2010
18 iun. 2010, 16:07, English

The emergency decree amending the Tax Code sets that the new taxes will be applied to salary income for July 2010.

As of July 1, the quota of deductible expenses for the net income obtained from intellectual property will be reduced to 20% of the gross income, from the current 40%, while the quota of deductible expenses for the net income obtained from creating monumental art works will be reduced to 25% of the gross income, from the current 50%.

As of July 1, the net income calculated in ratio with gains per day obtained by the same organizer or gambler will be levied a 25% tax. Currently, income from gambling is levied a 20% tax quota applied on net income of up to 10,000 lei (EUR1=RON4.2448) and a 25% tax quota applied on net income exceeding RON10,000.

As of July 1, the provisions of the law on physical education and sports, which allowed a professional athlete who concluded a civil convention with a sports club to choose whether or not to participate and pay contributions to a public and/or private pension system, will be annulled.