All companies with
private capital that earned up to
500,000 euros in revenue in 2016 are required to change their tax system by
becoming a taxpayer on microfinance income. Basically, no private company with
income under this ceiling can not pay a
16% tax rate, but is forced to apply the
tax regime for micro-enterprises. The only companies that escape this
obligation are those with social capital of at least 45,000 lei, who can choose
which tax system they apply (micro or profit tax).
Regarding the
ceiling to which a legal company can qualify
as a micro-enterprise, it has grown from 100,000 euros, as it was from 1
January 2016, to 500.000 euros. Accordingly, a micro-enterprise is considered
to be a legal entity if in the previous financial year did not exceed
revenues of 500,000 euros, equivalent in lei, this means five times more than the previously
established ceiling.
In addition to the
increase of the ceiling for the "micro enterprise" category, OUG no.
3/2017 introduces a 1% tax rate for micro-enterprises with at least one
employee hired under an employment contract. Previously, single-employee
businesses applied a 2% tax rate, except for those newly established, who
could, by way of exception to the aforementioned rule, apply a reduced rate of
1%.
Henceforth, a tax
rate of 1% or 3% is applied to companies organized as micro-enterprises, as
follows:
• 1% tax rate for
micro-enterprises with at least one employee;
• 3% tax rate for
micro-enterprises that do not even have an employee.
The companies
covered by the new provisions of this Law will file the income tax return, Form 101, by
25 February 2017 at the latest (for period January 1-31, 2017).
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