Oil, gas and fuel companies with annual turnovers exceeding 50 million euros will be required to pay a tax of 1.5% of turnover next year, although the initial intention of the legislators was only to eliminate the annual turnover threshold of 50 million euros from which companies in the aforementioned sectors owe a specific tax of 0.5% of turnover, according to Profit.ro.

The Chamber of Deputies approved in plenary, on October 22, as the decision-making chamber, the amendment to the Fiscal Code, in order to eliminate from January 1, 2025 the annual turnover threshold of 50 million euros below which oil, gas and fuel companies currently do not pay this tax

However, it was not the only amendment adopted. In its original form, the draft law stipulated that the 0.5% tax on oil companies’ turnover applies by way of exception to the general rule imposed on all companies in Romania with annual turnover of over 50 million euros, to pay a tax of 1% of turnover if they are at a loss or the profit tax due is less than 1% of turnover. In the form voted by the plenary of the Chamber, the phrase “by exception” no longer appears, so it results that oil, gas and fuel companies with turnovers of over 50 million euros owe a cumulative tax of 1.5% on turnover from January 1, 2025, and those with turnovers below this threshold – of 0.5%.

President Klaus Iohannis promulgated the law on Wednesday, November 20, Profit.ro also writes.