Tax Flash No. 19/2013
Government Decision no. 613/2013 amending and completing the Methodological Norms for the application of the Fiscal Code was published in Official Gazette no. 528/2013
Corporate Income Tax
- Contributions to the voluntary pension funds established in European Union or European Economic Area member states are also allowed for deduction within the limit of EUR 400 applicable in case of expenses with voluntary pension funds incurred in the name of employees
- Contributions paid on behalf of employees to the above mentioned voluntary pension funds are deductible when determining the net income from independent activities computed based on single-entry bookkeeping. Similarly, the contributions to such voluntary pension funds are deductible for salary income tax purposes, irrespective if paid by the employer or directly by employee. The deduction is allowed within the limit provided by law and based on the documents attesting the qualification of such voluntary pension funds, as issued by the Financial Supervisory Authority
Among the amendments, we note:
- The procedure for the issuance by the Commission of the Decisions on excise duties assimilation has changed in the sense that the approval of the Ministry of Economy has been replaced by the approval of an insititute or company specifically provided by law. Decisions issued prior to the enactment of the present Government Decision remain valid
- Maximum thresholds of guarantees to be set-up by authorized warehousekeepers, for each category of harmonized excisable products, were introduced
