New changes to the accounting regulations: OMF no. 981/2024

The takeaway

Order of the Minister of Finance (OMF) no. 981/2024 introduced new accounting regulations regarding the minimum turnover tax (IMCA) and the additional tax per activity sector applicable starting with the annual financial statements relating to the year 2024. 

Amendments and additions have been made to the accounting regulations: 

• regarding individual annual financial statements and the consolidated annual financial statements, as approved by Order of the Minister of Public Finance (OMFP) no. 1.802/2014;

• in accordance with the International Financial Reporting Standards, approved by Order of the Minister of Public Finance (OMFP) no. 2.844/2016. 

Following the publication of OMF no. 981/2024 in the Official Gazette, the changes and additions apply starting with the annual financial statements related to the year 2024. Economic operators with a financial year that is not the calendar year apply the new rules starting with the modified financial year commencing after 1 January 2024. 

In detail 

We present below the main changes and additions to the accounting regulations approved by OMFP no. 1.802/2014 and OMFP no. 2.844/2016:

The following accounts are introduced into the chart of accounts: 

• 4417 – Profit tax at the level of the minimum turnover tax 

• 6351 – Expenses with the additional tax for specific activity sectors 

• 697 – Expenses with the profit tax at the level minimum turnover tax

Account 441 – Profit tax and other taxes – will be used to keep track of settlements with the state and local budgets for profit tax at the minimum turnover tax level. 

Account 697 – Profit tax expenses at the minimum turnover tax level – will be used to keep track of the profit tax expenses at the minimum turnover tax level.

Specific amendments and additions to the accounting regulations approved by OMF no. 1.802/2014: 

Changes have been made regarding settlements with the state budget and special funds. These settlements will now also include profit tax at the level of the minimum turnover tax (IMCA), and the name ‘income tax’ is changed to ‘microenterprise income tax’. 

Such a settlement will be recognized as a separate liability to the extent of the unpaid amount and the profit tax at the level of the IMCA. 

In Account 512, the phrase ‘amounts paid to the budget, representing profit/income tax (441)’ has been replaced by phrase ‘amounts paid to the budget, representing profit tax/income tax of micro-enterprises, as well as profit tax at the minimum tax level on turnover’. 

In Account 758, the expression ‘amounts prescribed, exempted or canceled, according to the law, representing social security debts, unemployment benefits, profit/income tax, value added tax, other taxes, fees and similar payments, special funds, dividends of paid and other debts with the state budget’ has been replaced by the expression ‘amounts prescribed, exempted or canceled, according to the law, representing debts regarding social insurance, unemployment benefit, profit tax/microenterprise income tax, as well as profit tax at the tax level minimum on turnover, value added tax, other taxes, taxes and similar payments, special funds, dividends to be paid and other debts with the state budget’. 

Source: [Order of the Minister of Finance no. 981/2024 regarding the accounting registration of some taxes, published in the Official Gazette no. 539 dated 10 June 2024]