RO Govt. passes fiscal changes, expects EUR 2 bln supplementary revenues in 2023

The Government of Romania passed on July 15 the ordinance on the main fiscal changes that will take place starting on August 1, 2022, and January 1, 2023.

Prime Minister Nicolae Ciuca, speaking of the ordinance, said that Government had done its best to eliminate tax exemptions from the Fiscal Code but also to ensure business predictability and stability, Bursareported.

The estimated positive budgetary impact of the new measures has been revised downwards, to RON 1.19 bln in 2022, from RON 2.2 bln previously, and to RON 10.5 bln (EUR 2 bln) in 2023, from RON 13.4 bln previously.

The ordinance amending the Fiscal Code stipulates, among other things, the increase of the dividend tax from 5% to 8%, the VAT on cola-like drinks to 19% and 9%, the decrease of the threshold for microenterprises to EUR 500,000 from EUR 1 mln.

At the same time, according to the new Fiscal Code, part-time employees will have to pay in full contributions equivalent to those for the minimum wage (for full time), and the threshold for facilities in construction, agriculture and food industry will be lowered, gambling income taxation will increase, new thresholds will be introduced for those self-employed, and increases on excise duties on tobacco and alcohol and property taxes.

(Photo: Gov.ro)