Romania taxes – Income Tax in Romania. Learn all about taxes in Romania with Accounting Studio, your accounting partner.
Romania taxes types
Romania has several types of taxes, including income taxe, value added tax, social contributions, and so on.
In this article we will mostly discuss about taxes in Romania, and what are the minimum and average salaries in Romania.
It is important to note that tax rates and regulations can change over time, so it’s essential to stay up to date with the latest information from the relevant tax authorities.
Income tax in Romania
Direct tax that is levied on the income of individuals and companies. Here are some key points to know about:
Taxable income
In Romania, taxable income includes all the income earned by an individual, including salary, rental income, and capital gains, among others.
The taxable income of companies is calculated as the profit earned during the fiscal year.
Tax rates
The personal income tax rate in Romania is a flat rate of 10%, which applies to all types of income.
However, there are some exceptions, such as income from intellectual property, which is taxed at a rate of 3%.
Tax deductions
In Romania, taxpayers can deduct certain expenses from their taxable income.
This includes social security contributions, healthcare expenses, and certain types of investments, among others.
Tax deadlines
The deadline for filing the annual income tax return in Romania is usually May 25th of the year following the tax year.
Companies are required to file their tax returns by March 25th.
Penalties for non-compliance
Failing to file the income tax return or paying the tax owed on time can result in penalties and interest charges.
These penalties can range from 0.03% to 0.1% per day, depending on the duration of the delay.
It is important to note that tax regulations can change over time, so it’s essential to stay up to date with the latest information from the relevant tax authorities.
Let the taxes in Accounting Studio’s hands
Accounting Studio helps firms and individuals with their taxes. For the income tax in Romania, we will fill in the declarations needed and help you to pay the taxes, at accessible prices.