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Taxation in Romania

  • Incorporation time: 10 days
  • Shelf companies: Yes
  • Accounting: Yes
  • Secretary: Yes
  • Nominee Shareholder: Yes
  • Nominee director: Yes
Tax 16%
1 RON = 0.22 €

Romanian Tax Rates

Corporate tax in Romania is levied at 16%, except for small businesses who pay a tax rate of only 3%. There are a number of possible tax deductions, including advertising expenses, environmental protection activities, computer system improvement or business travel expenses.

Romanian VAT is generally charged at 24% with reduced rates of 9% for medication, newspapers, books, cinemas, museums, and hotels, and of 5% for construction supplies.

Individual income tax is charged at 16%.

Link : Romanian Ministry of Public Finance

Accounting Requirements In Romania

Romanian accounting is subject to European Community standards and also accepts International Financial Reporting Standards. Romanian accounting requirements are regulated by the Ministry of Public Finance, the National Code of Ethics for Professional Accountants, and by the European Parliament.

Companies can prepare simplified balance sheets, except in the following cases (where companies must prepare full accounts):

  • Companies having assets of more than 3,650,000 EUR.
  • Companies having a turnover of more than 7,300,000 EUR.
  • Companies having more than 50 employees.

Company financial audits must comply with the requirements specified by the Chamber of Financial Auditors of Romania.

Link : Body of Expert Accountants and Licensed Accountants in Romania

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