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Microcompanies. What's new in 2013?

The beginning of the year brought some changes related to the legal and fiscal status of the microcompanies in Romania. Specifically, based on the Government Ordinance no. 8/2013, published in the Official Gazette no. 54 from 23 January 2013, the article 1121, c) of the Fiscal Code was modified, it's new content being: „obtained revenues that do not overcome the amount of 65.000 euro”.

In other words, the 100.000 eur limit for revenues that allowed a company to qualify as microcompany, valid until last year, was reduced to 65.000 euro.

As an addition, the legal document provides that the tax on the revenue of the microcompnies it's mandatory. Therefore, the companies who obtain revenues up to 65.000 euro, no matter how many employees they have, starting with the 1st of February 2013 will be considered microcompanies, even if until now they were paying the tax on profit. These companies will also have to communicate to the local fiscal entities the change of the tax sistem until the 25th of March 2013. This change also involves the payment of the revenue tax, being 3% of the income.

The new Romanian legal entities have to pay the tax on the revenue of the microcompanies, starting with the first year of activity, if they satisfy at the registration in the Trade Registry the condition provided in art. 1121, d) of the Fiscal Code, mening that their social capital is owned by other entities than the State or the local autorities.

The new system does not aplies to the Romanian legal entities who:

  • deliver activities in the banking system;
  • deliver activities in the field of ensurances, reensurance, capital market, excepting the companies who act as an intermediari in these activities
  • deliver activities in the filed of gambling, consulting and management.
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