Profile picture for user irina.chiri
Irina Chirileasa
Marketing & Sales Executive

Irina is originally from Suceava and moved to Bucharest for her university studies. She graduated from the Romanian – American University in Bucharest with a Batchelor's degree in Marketing. A free spirit and open-minded person, Irina loves nature and outdoor sports, she is a fashion design enthusiast, electronic music lover, and always in search of persons and things that inspire her. Irina joined the team in 2012. She is currently working as a Marketing & Sales Executive for Romania Insider, mainly in charge of advertising campaigns management, media partnerships, client communication, digital marketing for Romania Insider projects and events. Get in touch with her by emailing irina@romania-insider.com.

(P) Tax Flash: Profit tax reporting on 2010 in Romania

 

Profits tax computation and declaration for the 2010 tax year

In respect of the profits tax computation, declaration and settlement for the year 2010, the Ministry of Public Finance’s official position is that all taxpayers - regardless whether they have paid or not the minimum tax up to 30 September 2010 – shall have to submit an annual profits tax return, one for each of the periods:

1 January – 30 September 2010;

and 1 October – 31 December 2010.
Are excepted from this rule, taxpayers  which were not subject to the minimum income tax requirements (such as taxpayers established during the year, foreign legal entities performing activities in Romania through a joint-venture without legal personality, non-profit organisations, etc).
In addition,  taxpayers which are not subject to the auditing requirements in respect of financial statements, must ensure the certification of the two profits tax returns for the year 2010 by a tax consultant.
The introduction of the two tax periods in respect of the tax year 2010 will have certain tax and administrative consequences at the level of the taxpayer, such as: the reduction of the recovery period of tax losses, the restriction of  tax credit for sponsorships performed in 2010, etc. Moreover, it requires a precise cut-off of the revenues and expenses associated with each of the two tax periods and, in general, an additional administrative effort of the taxpayers.

By Venkatesh Srinivasan, Partner – Head of Tax and Legal, Ernst & Young Romania

(P) – this article is an advertorial

 

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Profile picture for user irina.chiri
Irina Chirileasa
Marketing & Sales Executive

Irina is originally from Suceava and moved to Bucharest for her university studies. She graduated from the Romanian – American University in Bucharest with a Batchelor's degree in Marketing. A free spirit and open-minded person, Irina loves nature and outdoor sports, she is a fashion design enthusiast, electronic music lover, and always in search of persons and things that inspire her. Irina joined the team in 2012. She is currently working as a Marketing & Sales Executive for Romania Insider, mainly in charge of advertising campaigns management, media partnerships, client communication, digital marketing for Romania Insider projects and events. Get in touch with her by emailing irina@romania-insider.com.

(P) Tax Flash: Profit tax reporting on 2010 in Romania

 

Profits tax computation and declaration for the 2010 tax year

In respect of the profits tax computation, declaration and settlement for the year 2010, the Ministry of Public Finance’s official position is that all taxpayers - regardless whether they have paid or not the minimum tax up to 30 September 2010 – shall have to submit an annual profits tax return, one for each of the periods:

1 January – 30 September 2010;

and 1 October – 31 December 2010.
Are excepted from this rule, taxpayers  which were not subject to the minimum income tax requirements (such as taxpayers established during the year, foreign legal entities performing activities in Romania through a joint-venture without legal personality, non-profit organisations, etc).
In addition,  taxpayers which are not subject to the auditing requirements in respect of financial statements, must ensure the certification of the two profits tax returns for the year 2010 by a tax consultant.
The introduction of the two tax periods in respect of the tax year 2010 will have certain tax and administrative consequences at the level of the taxpayer, such as: the reduction of the recovery period of tax losses, the restriction of  tax credit for sponsorships performed in 2010, etc. Moreover, it requires a precise cut-off of the revenues and expenses associated with each of the two tax periods and, in general, an additional administrative effort of the taxpayers.

By Venkatesh Srinivasan, Partner – Head of Tax and Legal, Ernst & Young Romania

(P) – this article is an advertorial

 

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