Government Ordinance (“GO”) no. 15/23 August 2012 introduces certain amendments concerning profits tax, VAT, excise duties and social contributions.
The GO provisions enter into force as of 1 January 2013 (with certain exceptions). The main amendments brought to the Fiscal Code include, inter-alia, the following:
Tax loss deduction
The tax loss incurred by taxpayers ceasing to exist due to a spin-off or a merger will be recovered by the taxpayers taking over the patrimony of the absorbed or spun-off company, proportionally to the assets and liabilities transferred.
In case of mergers, spin-offs, partial spinoffs, asset transfers and share exchanges involving two or several Member States, provided that the transferring company incurred tax loss, such tax loss will be recovered by the Romanian permanent establishment of the beneficiary company.
We invite you to find the entire tax alert in the attached document