Revaluation of tangible fixed assets and payment of local taxes

For the closing of the 2015 budget, it is appropriate to assess the need/convenience of revaluing property, plant, and equipment in order to maintain some convergence between the book value and market value, especially of real estate.

La Law No. 227/2015 (Lege 227/2015) also provides in Article 460 for a local tax surcharge for buildings that have not undergone a three-year revaluation.

In fact, legal persons generally pay local taxes at rates between 0.08% and 1.3%. However, it is provided in Paragraph 8 of Article 460 of the New Tax Code, the application of the increased rate to 5% for legal persons who have not carried out the three-year revaluation of buildings by the deadline for payment of local tax. As a reminder, an appraiser registered with UNEVAR (Uniunea Nationala a Evalutorilor din Romania) must be appointed for this purpose, and the results of the appraisal must be incorporated into the accounting statement referring to 31.12.2015.

We remain available for clarification