Diesel oil excises will rise by 4.4% starting January 1, from EUR358/ton to EUR374/ton.
Romania will continue to apply excise taxes on coffee in 2012, although last year’s Tax Code stated they will be eliminated starting January this year. In 2012, coffee producers and importers will pay excises of EUR153/ton of green coffee, EUR225/ton of roasted coffee and of EUR900/ton of instant coffee.
According to the new Tax Code, Romanian companies will pay 20% of the inventory value of buildings they own if the buildings have not been reevaluated in the past three years, and the tax rises to 40% if buildings have not been reevaluated in the past five years.
The previous Code taxed 5% to 10% of a building’s inventory value and the exact percentage was set by local authorities.
Companies may opt between paying the profit tax each quarter or once per year, but choosing the latter option will require an advance payment of 25% of the profit tax owed for the previous year.
Currently, only banks may pay the profit tax once per year.
Also, foreign residents in Romania will start paying tax on income gained both locally and abroad a year after obtaining residency. The current legislation states that foreign residents in Romania must start paying income tax three years after becoming residents.
The new Fiscal Code keeps the higher taxes paid by owners of two or more buildings, or cars with engines larger than 2,000 cc.
In 2010, the Government doubled the tax on vehicles with an engine capacity of more than 2,000 cc and raised the taxes paid by owners of multiple buildings by 65% for the first building other than their residence, by 150% for the second such building and by 300% for subsequent buildings.
Firms that pay off debts to the state by mid-2012 will have penalties reduced by 50% and late payment interest by 25%, reads the new Tax Code.
Starting 2012, Romanian banks will report according to international financial reporting standards (IFRS). They will no longer use local accounting standards (RAS).