As of January 01, 2024, the following modifications in Romanian Tax Code will be effective:
- Big companies will be taxed at 1% on turnover if profits are “too low”
Large companies (with a turnover of over 50 million euros) will pay a tax of 1% on the turnover if the annual profit tax (of 16%) is lower than the minimal 1% on turnover. Exempted are companies that exclusively carry out activities of distribution/supply/transport of electricity and natural gas and which are regulated/licensed by the National Energy Regulatory Authority.
2. Additional 2% turnover tax for banks
In the case of banks, an additional tax is introduced (in addition to the profit tax) of:
- 2%, for the period January 1, 2024 – December 31, 2025 inclusive;
- 1%, starting from January 1, 2026
Also, an additional tax of 0.5% is introduced for oil and gas companies with a turnover of over 50 million euros. Thus, in addition to the profit tax, this new tax will also have to be applied.
3. Taxation of micro-enterprises
Micro-enterprises (with a turnover below 500,000 euros) will be charged as follows:
- 1%, on turnover for micro-enterprises that achieve revenues that do not exceed 60,000 euros
- 3% on turnover for micro-enterprises which earns more than 60,000 euros, or carry out main or secondary activities in various CAEN codes