Here are the main statements from the 16th edition of the Tax&Law Conference organized by Business Review on Tuesday.
Oana Iacob, state secretary, Ministry of Finance:
The plans for the next period focus on simplification and reduction of red tape. A draft bill for the simplification of reporting and payment of taxes paid individuals reporting income from independent sources.
We will continue on the same line of simplification and reduction of red tape (…) there are plans to simply reporting for activities carried out by companies. She said that the government expects the feedback from companies.
Romania has an attractive fiscal framework from the perspective of investments.
The consolidation of some statements (single statement for income tax and social contributions) – 7 in 1 for individuals.
From next year, the statement will be made in an electronic system, this year the reporting will also be done in paper format.
The reporting can be done through the fiscal private space or through the e-guvernare platform where the digital signature is required once the draft bill is published in the Official Gazette.
“There will be a single deadline for submitting the single tax statement. For 2018, the deadline will be July 15 2018 for completing the fiscal year 2017 and for the estimate of income for 2018. Starting 2019, the deadline will be March 15,” said Iacob.
The fiscal statement can be corrected (updated) depending on the income realized by individuals.
There will be a bonus system in 2018 for stimulating the submission of the statement online. There will be a 5 percent bonus out of the taxes paid by March 15 2019. There will be another 5 percent bonus if the annual estimated taxes will be paid by December 15.
On income tax, we are talking about taxpayers that have to submit Form 200. On the mandatory social contributions, on CAS (healthcare contribution) as area of activity it refers to is independent activity.
“On the income from investments, the tax obligations are included on CASS (social security insurance contributions) not CAS. From this perspective, if the income from investments exceed the annual threshold of RON 22,500, there will be the obligation of payment at the level of the minimum wage no matter the reported income,” said Iacob.