Amendments to the Fiscal Code

Government Ordinance no. 15/23 August 2012 amending and completing of the Law no. 571/2003 regarding the Fiscal Code (published in the Official Gazette no. 621/29 August 2012)

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:


Profits tax


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