Accounting, business and tax news December 2016
Business news
Parliamentary elections in Romania Sunday 11th of December 2017 there have been Parliamentary elections in Romania. The partial results indicate an overwhelming victory (cca 46% of the votes) of the left wing party SDP (social democratic party).
Average Romanian net salary at national level
According to the Romanian National Statistic Institute, in October 2016 the official net salary at national level was of 2,108 RON, e.g. cca 470 EUR.
The salary expense for a company giving this salary to an employee is 3,688 RON (cca 820 EUR) (you can make more calculus of this type on our website salary calculator).
Tax news
New VAT quota starting 01.01.2017
According to the Romanian Fiscal Code in force, the standard VAT quota starting 01.01.2017 will be 19%, from the 20% current one.
Modifications of the Romanian Fiscal Code starting 01.01.2017
The Romanian Fiscal Code was recently modified. The main changes, to enter in force starting 01.01.2017, are:
– The microenterprises (companies having a yearly turnover less than 100,000 and which are taxed with 3%
at the revenues) will have the option to choose to become profit tax payer (profit tax of 16%) in case their
share capital exceed 45,000 RON (cca 10,000 EUR);
– In order to be allowed to make Intra-Community transactions (buying and selling goods and services from
/ to companies located into EU countries), the Romanian companies will not be obliged anymore to register into the Registry of Intra Community Operators.
Value of the meal ticket
Starting January 2017, the companies will have the right to give
their employees meal tickets in a value range from 9.57 RON to
15 RON, as per employer’s choice.
The meal tickets are to be granted one per employee and per
worked day, do not generate social contributions (only the salary
tax of 16%) and are fully tax deductible.
Child Day, bank holiday starting 2017
Child Day (1st of June) will be official free day in Romania starting
2017.
Macroeconomic indicators
RON / EUR ex-rate evolution
30.12.2012: 4.4287
31.01.2013: 4.4847
31.12.2014: 4.4821
31.12.2015: 4.5245
31.01.2016: 4.5386
29.02.2016: 4.4634
31.03.2016: 4.4582
30.04.2016: 4.4774
31.05.2016: 4.5039
30.06.2016: 4.5220
31.07.2016: 4.4654
31.08.2016: 4.4488
30.09.2016: 4.4514
31.10.2016: 4.4978
30.11.2016: 4.5124
Inflation rate evolution
2012: 3.33 %
2013: 3.98 %
2014: 1.07 %
2015: – 0.90%
Jan. 2016 / Jan. 2015: -2.23%
Feb. 2016 / Feb. 2015: -2.68%
Mar. 2016 / Mar. 2015: -2.98%
Apr. 2016 / Apr. 2015 : – 3.25%
May 2016 / May 2015: -3.46 %
Jun. 2016 /Jun. 2016: – 0.70%
Jul. 2016 / Jul. 2015 : -0.78%
Aug. 2016 / Aug. 2016: – 0.20%
Sep. 2016 / Sep. 2016: -0.67%
Oct. 2016 / Oct. 2016: -0.43%
Tax deductible loan interest rate
RON: 1.75%