The government has adopted a number of amendments to the Fiscal Code

RADIO ROMANIA NEWS - The Government has adopted a series of amendments to the Fiscal Code which, partly, will enter into force on August 1, and another part from January 1, next year.

A novelty is the additional deductions for young people up to 26 years old and for families with dependent children.

Details are provided by RRA editor Andrei Serban: “People with a salary of up to 4.550 lei will now benefit from deductions, and the amendment to the Fiscal Code made today by the Government involves additional deductions for young people of age up to 26 years old and for those who have dependent children, as announced by the Minister of Finance, Adrian Caciu.

Adrian Caciu: “We have raised the ceiling for which Romanian employees benefit from deductions at 4.550 lei for those who have dependents and we have introduced additional deductions for those who are young, up to 26 years old or for families who have one dependent child, or two, or three. Depending on the number of children, an additional deduction of 100 lei per child is assured.”

Other amendments adopted to the Fiscal Code, in the field of HoReCa, from January 1, 2023 - companies will be able to opt for turnover tax and profit tax. The tax on reinvested profits is also eliminated for the processing and production area, the VAT increases from 5 to 9% for restaurants, hotels and catering. For sweet drinks the VAT increases from 9 to 19 percent. In construction and in the food industry, the fiscal facilities are granted for salaries of up to 10.000 lei and not up to 30.000 lei, as it is now, and from next month the excise duties on alcohol and tobacco will increase. It also increases the dividend tax from 5 to 8 percent."

Translated by: Radu Matei