The most relevant provisions are:
- The moment of VAT adjustment in case of debtor’s bankruptcy was changed. The adjustment of the VAT will be allowed from the date of bankruptcy (and not from the date of bankruptcy completion).
- The income from virtual currency (Crypto-currencies) transfer is listed as income from other sources. The Law clarifies the computation method of earnings from the virtual currency transfer.
The income tax will be calculated as the difference between the sale and purchase price, including the direct costs of the transaction by applying a 10% quota. Earnings below RON 200 / transaction are not taxable, provided that the yearly earnings do not exceed RON 600;
- Changes the threshold to deduct borrowing cost to EUR 1,000,000 (RON equivalent) during one fiscal period;
- The difference between the exceeding borrowing costs and the deductible threshold, aforementioned, registered in a certain fiscal period is deductible up to 30% of the base (EBITDA) during the respective fiscal period. The excess will be carried forward;
- The Register of Entities/Cult Units for which tax deductions are granted was introduced. The enrolment in the Register is made based on entity’s request, if specific conditions are met and it is a conditions to allow deductions from corporation tax.
- The provision on purchasing a single property with a reduced VAT rate of 5% was abolished, with some specific conditions;