Romania: Latest Changes to Fiscal Code & Accountancy Law


The Emergency Ordinance No. 13 dated as at the 24th of February 2021, amending and supplementing Law No. 227/2015 on the Fiscal Code and Accounting Law No. 82/1991 was published in the Official Gazette No. 0197 of the 26th of February 2021. Here are some of the applicable changes:

  • Review the scope of non-deductibility of expenses incurred by payers of corporate tax as a result of transactions with a person located in a state that is included in the List of non-cooperating jurisdictions for tax purposes. The specific tax regime applies only to the States listed. The measure is correlated with the implementation of defensive measures by the other EU Member States. 
  • It clarifies the tax treatment applicable to non-taxable salary benefits not included in the basis for calculating social contributions such as in the case of those received under special laws and/or financed from the budget. The measure aims at not taxing, and not including in the calculation of social contributions, the value of tourist and/or treatment services, including transport, rest leave, for employees and their family members granted by the employer, as long as the total value, in a fiscal year, does not exceed the level of an average gross earnings used to substantiate the state social insurance budget for the year in which they were granted. 
  • The tax regime applicable to the nominal value of gift vouchers received by individuals who obtain income of a salary nature has been explicitly regulated. Thus, gift vouchers given on occasions other than Easter, Christmas, March 8, June 1, will no longer be exempt from contributions. 
  • Foreign companies that have the place of effective management in Romania have the obligation to conduct accounting according to the Romanian Accounting Law. 
  • The obligation to inventory the patrimony is extended the transformation of the legal form of the persons who have the obligation to keep the accounting records.
  • It is expressly stated that the interim financial statements and the accounting reports will be kept for 10 years. 

For additional information, please contact our Consultant, Ms. Stefania Costea, at our Eurofast office in Romania via email at

Eurofast is a regional business advisory organization employing local advisers in over 23 cities in South East Europe & Middle East . The Organization is uniquely positioned as one stop shop for investors and companies looking for professional services in South East Europe & Middle East. 

Stefania Costea
Eurofast Bucharest