American Chamber of Commerce in Romania
15 Years in Romania
Honored with Business Superbrands Award 2007/2008
European Council of American Chambers of Commerce in Europe
Foreign Commercial Service of the U.S. Embassy
U.S. Chamber of CommerceHome I Business Advocacy I Committees & Task Forces
Taxation Committee
Chairman:
Name: Ionut Simion
Company: PwC Romania
Coordinator:
Name: Letitia Pupazeanu
Phone: 021 312 48 34/031 226 24 26
Email: lpupazeanu@amcham.ro
Name: Ionut Simion
Company: PwC Romania
Coordinator:
Name: Letitia Pupazeanu
Phone: 021 312 48 34/031 226 24 26
Email: lpupazeanu@amcham.ro
Tax Committee’s initiatives are subsequent to achieving transparency and predictability of the fiscal legislation, modernization of the Fiscal Code, and Modernization of the tax authorities and improvement of the tax collection.
The Tax Committee, in partnership with other business associations, elaborates annually recommended amendments to the Fiscal Code, Fiscal Procedures Code and the Application Norms.
The major themes the Tax Committee advocates for are:
1. Maintaining the flat tax rate system, removing all taxes and levies which distort this system and curbing para-fiscality
2. Lower social security contributions, capped taxable base and enacting social security contributions in the Tax code
3. Ensuring consistency between the Methodology instructions and the Tax code provisions by removing from the Methodology the provisions which exceed the Tax code
4. Modernising tax administration and improving tax collection
5. Simplified calculation, reporting and payment of profit tax
a) Extending the scope of yearly calculation, reporting and payment of profit tax to include all taxpayers as of 2011
b) Amending the law to allow taxpayers to choose their tax year in conjunction with the accounting year; this may differ from a calendar year
6. VAT grouping and simplification measures pertaining to VAT payment
7. Continuation of the harmonizing measures of the excise duty law with the EU legislation, by adopting methodological norms in line with EU principles and procedures
8. Removing provisions which discriminate between resident and non-resident taxpayers, as well as among resident taxpayers
9. Introducing modern tax concepts which are not regulated at present
a) Developing and promoting legislation pertaining to holdings in Romania
b) Introducing the tax consolidation option for profit tax purposes
10. Modernization of the Fiscal Code
The Tax Committee, in partnership with other business associations, elaborates annually recommended amendments to the Fiscal Code, Fiscal Procedures Code and the Application Norms.
The major themes the Tax Committee advocates for are:
1. Maintaining the flat tax rate system, removing all taxes and levies which distort this system and curbing para-fiscality
2. Lower social security contributions, capped taxable base and enacting social security contributions in the Tax code
3. Ensuring consistency between the Methodology instructions and the Tax code provisions by removing from the Methodology the provisions which exceed the Tax code
4. Modernising tax administration and improving tax collection
5. Simplified calculation, reporting and payment of profit tax
a) Extending the scope of yearly calculation, reporting and payment of profit tax to include all taxpayers as of 2011
b) Amending the law to allow taxpayers to choose their tax year in conjunction with the accounting year; this may differ from a calendar year
6. VAT grouping and simplification measures pertaining to VAT payment
7. Continuation of the harmonizing measures of the excise duty law with the EU legislation, by adopting methodological norms in line with EU principles and procedures
8. Removing provisions which discriminate between resident and non-resident taxpayers, as well as among resident taxpayers
9. Introducing modern tax concepts which are not regulated at present
a) Developing and promoting legislation pertaining to holdings in Romania
b) Introducing the tax consolidation option for profit tax purposes
10. Modernization of the Fiscal Code
Next meeting: 02/15/2012
