Romanian government corrects ambiguous provision on turnover tax levied to oil companies

The Romanian oil, gas, and fuel companies with a turnover of more than EUR 50 million will continue to pay the minimum tax on turnover of 0.5% – not 1.5%, as a Fiscal Code provision recently passed by lawmakers and promulgated by the president seemed to suggest,Economica.net reported.

On December 4, the government adopted a regulatory act that, among other things, modifies some provisions of the Fiscal Code, some with a direct impact on companies in the oil and gas sector for which a law recently adopted in Parliament and promulgated stipulated the tripling of the turnover tax, from 0.5% to 1.5%, starting next year.

The government has now decided that companies in this sector, which already owe a turnover tax of 0.5%, are exempt from the obligation to pay the general 1% turnover tax imposed on companies with annual turnovers of over EUR 50 million.

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