Romanian Finance Ministry: Global tax on household income, a concept under analysis

The global tax on households is only a concept that is currently under evaluation, according to a press release of the Finance Ministry. The final Economic Code draft, which will also include the Fiscal Code, will include the results of all the analyses and will be launched in public debate. The Ministry’s explanations came after local business news portal Profit.ro had obtained a draft bill aimed at changing the Fiscal Code, which shows that the income tax will be applied starting next year based on an annual global revenue per household. This means that a household will be entitled to a non-taxable income calculated according to the number of persons belonging to the household, as well as a series of deductions, including the home and car insurance (RCA), subscription to fitness and dance, cinema tickets, books, medicines or supporting nonprofit entities. Drafting an Economic Code is part of the governing program of the Social-Democratic Party (PSD) program. Romanian Govt. wants 10% tax on global household income and plans to hire 35,000 tax advisors editor@romania-insider.com