Fiscal Code Implementation Norms Amended

UniCredit Bank S.A.
Summary: 
Changes made to Fiscal Code Norms.
Wed, 20/03/2013

On March 14, 2013 the amendments to the Fiscal Code Implementation Norms were published in the Romanian Official Gazette No. 136. The provisions of Chapter IV regarding the taxation of the income obtained by non-residents in Romania include:

  1. A tax rate of 50% as of February 1, 2013 is applicable for revenues (stated in the Fiscal Code) that are paid in states that have not concluded any treaty or other legal instrument for the exchange of information with Romania, irrespective of the beneficiary’s residence. The revenues herein referred to are: dividends, interest, royalties, commissions and services. A complete and up-to-date list of treaties signed with Romania has been published on our website.
  2. A Certificate of Residence issued by the competent authorities of a foreign state in an electronic or online format is now considered to be an original document.

Impact on investors: Amendments and modifications were made to the Romanian Fiscal Code Implementation Norms.