New fiscal stipulations for 2008

2008 brought new changes regarding the taxes and duties. The latest news in the Fiscal Code refers to VAT, the income tax and excises.

VAT: The reversed taxation procedure for real estate transactions between legal entities persons, who pay VAT, was eliminated.

At the same time, the VAT exemption was eliminated for the following services: giving information and making reports for the insured persons, marketing and administrative services that derive from the insuring-reinsuring services, respectively the organization and the management of the IT system of the insurance companies.

Income tax: The limit regarding the non-taxable income from the pensions will increase, from 900 to 1000 lei.

2008 brought new changes regarding the taxes and duties. The latest news in the Fiscal Code refers to VAT, the income tax and excises.

VAT: The reversed taxation procedure for real estate transactions between legal entities persons, who pay VAT, was eliminated.

At the same time, the VAT exemption was eliminated for the following services: giving information and making reports for the insured persons, marketing and administrative services that derive from the insuring-reinsuring services, respectively the organization and the management of the IT system of the insurance companies.

Income tax: The limit regarding the non-taxable income from the pensions will increase, from 900 to 1000 lei.

The inclusion within the taxable income of the values resulted from the selling of agricultural natural products, obtained after harvesting, from the lands rented, or private property, towards specialized collecting units and industrial processing units, has been postponed until 2009. The tax will be calculated by direct retention to the state budget by applying 2% to the value of the delivered products.

The tax on turnover of the micro companies will increase up to 2.5%, compared to the level of 2% in 2007.

Excises: Starting with 2008, according to the calendars established with the European Union, the excises for cigarettes and gasoline will increase, and the excises for coffee and golden jewels will decrease.