Romanian President Klaus Iohannis signed on Thursday the decree for the promulgation of the Law on some fiscal and budgetary measures to ensure Romania's long-term financial sustainability.
Thus, the tax measures will come into effect in two stages, as follows:
From November 1, 2023:
-IT professionals pay income tax on the amount exceeding the gross salary of 10,000 lei;
-CASS exemption is no longer granted for construction and agricultural employees;
-IT professionals are exempt from the CAS quota corresponding to the privately administered pension fund (quota 4.75% starting with 2024), within the limit of a gross salary of 10,000 lei;
-CAM exemption is no longer granted for construction and agricultural employees;
-Cash can be collected within a daily limit of 1,000 lei, from a legal entity;
-Payments can be made to legal entities, within a daily limit of 1,000 lei/person, but no more than a total limit of 2,000 lei/day;
-Receipts and payments can be made between a legal entity and a natural person within the daily limit of 5,000 lei to/from one person;
-Cash amounts in the cash register of legal entities cannot exceed, at the end of each day, the ceiling of 50,000 lei;
-If the above ceilings are not respected, a fine of 25% is applied from the amount collected/paid, respectively held in the cash register, which exceeds the ceiling;
-Cash receipts and payments can be made between two individuals within a daily limit of 10,000 lei.
From January 1, 2024:
-CASS applies to meal tickets and holiday vouchers
-Increases VAT from 5% to 9% for homes with a maximum value of 600,000 lei (excluding VAT) and a maximum usable area of 120 sq m
-Increases VAT from 5% to 9% for organic and eco products
-Increases VAT from 5% to 19% for services in fitness centers
-Increases VAT from 5% to 9% for the delivery and installation of photovoltaic panels
-Increases VAT from 5% to 9% for exhibitions, cinemas
Two tax rates for micro-companies:
-1 % of income for companies that have an annual turnover of less than 60,000 euros and that do not have activities in the fields of: IT, dentistry, medicine, HoReCa
-3% of income for companies that have a turnover between 60,000 – 500,000 euros or have less than 60,000 euros but operate in a field presented above
Starting with the 2024 income, PFAs owe CASS on net income up to 60 gross minimum wages per country. The ceilings of 6, 12, 24 wages are eliminated. Thus, for PFAs that earn incomes lower than 60 gross minimum wages, CASS will be paid at the amount of 10% of net income.
