Tax news for 2017 and year-end deadlines

We recall some tax regulations that go into effect next Jan. 1, 2017 and upcoming tax deadlines:

– tax code Law 227/2015 published on September 10, 2015 and in force since 1.1.2016 provides in Article 291 paragraph 1 letter b) the reduction of the ordinary VAT rate from 20% to 19% as of January 1, 2017. This provision has not been changed so far and as a result it is good to prepare the internal invoicing management system for the change.

– The National Agency of Financial Administration (Anaf) has clarified that as of January 1, 2017, tax returns will be compulsorily transmitted electronically and in electronic format. As a result (for those who have not already done so) it is urgently necessary for the taxpaying company’s Governing Body to entrust a specific assignment (by means of notarized power of attorney) to its qualified consultant.

– Law 209 of Nov. 9, 2016, introduced as of Jan. 1, 2017, for entities ,legal persons engaged in retail trade with annual turnover exceeding 10,000 euros, to make collections of their sales solely through credit or debit cards. This implies on the part of retail merchants the need to proceed to make arrangements with banking institutions to activate a POS at their store. We point out that non-compliance with the obligation is punishable by a fine of 5,000 to 7,500 lei;

– beware that Law 227/2015 in Article 323 et seq. provides for a “short calendar” for the month of December 2016; specifically, monthly declarations normally due on the 25th of the month following the reference month, only for December will be mandatorily filed with the Agency no later than December 21, 2016 (VAT return, D300, intrastat tax return d390 etc). Therefore, promptness in filing documents for November 2016 is recommended.

We remain available for further clarification