Updates to the Corporate income tax return

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Order no 4024/2014 to amend Order amending and supplementing the National Agency for Fiscal Administration Order no. 1.950/2012 approving the model and content of forms used for declaring withholding or self assessment taxes, was published into Official Gazette no 2/05.01.2015.

Order updates the following forms:
– Return 101 regarding corporate tax;
– Return 100 regarding the payment obligations to the state budget.

Corporate tax return must be completed and submitted annually by the taxpayers, until 25 March of the following year for which the tax is calculated.

Taxpayers who obtain most of their incomes from agriculture will submit Return 101 until 25February.

Taxpayers who have a different fiscal year from the calendar year, will submit Return 101 until 25th of the third month inclusive from the closing of the changed fiscal year.

Legal entities which, during the fiscal year, are dissolved with liquidation, are required to submit annual corporate tax return and pay the tax by the date when the financial statements are submitted.

Return 101 was mainly amended to include exemption of corporate tax for reinvested profit, deduction of sponsorship expenses carried forward from previous period, including in non-taxable income of the income from disposal of shares under the condition of holding for an uninterrupted period of at least 1 year of minimum 10% of the share capital of the legal entity at which holds the shares.