From July to the end of 2015 firms investing in production and / or purchase of machinery and any other equipment that bring them taxable income will be exempt from tax on reinvested profits.

Government approved the ordinance which amends the Tax Code, and companies that benefit from this tax relief can not accelerate  the recovery of this investment in equipment. The government estimates that Romanian companies would save in this way nearly 138 million lei from July to the end of this year.

The equipment shall be kept in those companies for a period at least equal to half of its normal functioning period. Not covered by these provisions are the technological equipments transferred during reorganization transactions, in cases where the recipient company takes the reserve for profit exempt,  thus assuming the rights and obligations of the transferring company, as well as technological equipment disposed in the procedure of liquidation/bankruptcy.

Ministry of Finance seeks to abolish 70 small taxes

Ministry of Finance has identified 70 taxes that only create a bureaucratic thicket and can be disposed of in a single day without affecting the state budget, and a bill will be promoted to eliminate them, said Prime Minister Victor Ponta.

“We have found 70 taxes which we can remove in a single day without affecting the state budget, but helps us not to make people crazy with 70 procedures and 70 journeys to public offices”, said the Prime Minister. To these taxes may be added dozens of other charges, believes the prime minister. Ministry of Finance shall present next week  the normative acts necessary to eliminate the most of them.