The standardised forms containing the required information for the automatic exchange of information were approved by Order no. 872/1015 of the Ministry of Finance and of the Ministry of Regional Development and Public Administration, as published on 7 July 2014.
Romanian authorities will be obliged to provide by automatic exchange the competent authority of any Member State with the available information related to tax periods starting after 1 January 2014 in connection with residents of that Member State and the following specific types of income and capital:
a) employment income;
b) remuneration paid to administrators and persons treated as such;
c) life insurance products, uncovered by the legal instruments of the European Union;
e) real-estate ownership and real-estate income;
Taxpayers with income under points a to d during a year have to file a tax return by the last day of February of the following year.
Residents of other EU Member States who acquired ownership of a property in Romania have to file the following tax returns, as applicable:
• appendix to the tax return for construction tax – for individuals;
• appendix to the tax return for land tax – for individuals;
• appendix to the tax return / tax decision for construction tax – legal entities;
• appendix to the tax return / tax decision for land tax – legal entities.
For properties acquired by 28 February 2014, the filing deadline for these tax returns is 30 June 2014.
For properties acquired after 28 February 2014, the filing deadline is within 30 days following the acquisition date.
Residents of other EU Member States who own property in Romania have to file a tax return for the purpose of automatic exchange of information.
We expect standardised forms for automatic exchange of information to be approved for the other specific types of income and capital listed above. Taxpayers are responsible for the submission of the above-mentioned tax returns.
For a deeper discussion of how this new legislation might affect your business, please contact:
Country Managing Partner, Romania
Tel: +40 21 225 3708