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NBR Interest Rate of Reference Changed

Monitorul Oficial al Romaniei No 683 / 6 November 2013 has published Circular Note No 33 / 5 November 2013, regarding the interest rate of reference of the National Bank of Romania.

By virtue of this legislative act, starting 6 November 2013, the threshold on the deductibility of interest expenses on loans in the national currency (RON) shall be determined in relation to a 4% interest rate.

Tax Changes in 2014 Intended to Be Adopted

According to the 4 November 2013 press release published on the Romanian Government Website, the relevant authorities will undertake several tax measures from 2014 on, such as:

  • the monthly gross minimum salary shall increase to RON 850 starting 1 January 2014 and to RON 900 from 1 July 2014;
  • royalties on mineral and natural resources (other than petroleum and gas) shall increase by 25%;
  • fuels shall be subject to an excise duty worth 7 Eurocent / litre;
  • excise duties shall be subject to indexation in consideration of the 2013 inflation rate (the index is to be communicated by the National Institute for Statistics);
  • a new tax shall be imposed on special construction works such as transportation networks, pipes, storehouses.

 

Likewise, as specified in the Bill on State Social Insurance Budget for 2014, published on 7 November 2013 on the Website of the Ministry of Public Finance, the gross average salary used for the determination of the social contributions payable in 2014 shall stand at RON 2,298.

Authors

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MAZARS CONSULTING SRL