Government Emergency Ordinance no. 22/2010 amending the Fiscal Code has been published. As
a result of the Ordinance, advance payments of profit tax that would have been applied to most
taxpayers from 2010 has been postponed until 2012. Until then, taxpayers (excluding banks)
have to declare and pay quarterly profit tax according to the system previously applicable. From
2012 they have to apply the new advance payment system. The Ordinance also clarifies the
relationship between the quarterly payment system and the application of the minimum tax. In
this respect, the quarterly liabilities are to be determined by comparing quarterly profit tax with
one quarter of the annual minimum tax with the higher of the two being payable. Profit tax
liabilities, including the minimum tax, are adjusted to take into account the length of fiscal period
when it does not coincide with the full calendar year. See: Official Gazette no. 201/30.03.2010.
With thanks to PriceWaterhouseCoopers Romania - Tax Department