New fiscal changes starting with 1st of February

As from 1st of February will become effective some new regulations in fiscal area in Romania, such as:

• for small businesses – the limit amount of annual revenues under which the companies are considered micro-enterprises will increase up to the amount of 500,000 euros and the tax rate for micro-enterprises with one or more employees will represent 1% of incomes. Until now, the tax rate was represented by a different percentage of the income, depending on the number of employees;
• the 088 form regarding the registration of the companies as VAT operators was removed;
• the companies that deals exclusively with activities of innovation, research and development will be exempt from profit tax in the first ten years of activity;
• the limited amount of 5 gross average salaries over which the employees and employers didn’t pay social contributions (CAS) and health contributions (CASS) will be removed;
• the seasonal workers will be exempted from income tax of 16%;
• 102 taxes will be eliminated, which include radio and TV tax, environmental tax, registration fees to the Trade Register, tax for issuing certificates of criminal record, judicial stamp duties and a number of consular fees;
• the minimum wage will increase by 16%, from 1,250 lei to 1,450 lei gross.