Government Emergency Ordinance no. 115/2023 (“GEO 115”) – Fiscal budgetary measures in the field of public expenditure, for fiscal consolidation, combating tax evasion, for amending and supplementing some normative acts as well as for extending certain deadlines

GEO no. 115/2023 published in the Official Gazette no. 1139 of December 15, 2023, brings significant changes to the Fiscal Code, which will enter into force from January 1, 2024, with few exceptions, which will be detailed below.

This GEO brings changes to the following taxation areas:
⮚ Microenterprises Income Tax
⮚ Corporate income tax
⮚ Taxation of extra-payroll income earned by individuals
⮚ Tax on salary and mandatory social securities
⮚ Other changes: VAT, Excise duties, E-factura and E-transport
⮚ Changes in Accounting Law
⮚ Changes regarding financial discipline and cash payments

TGS Romania team offers you technical advice regarding the implications of these legislative changes, as well as the fiscal situations and cases that might be encountered in current activity.

For more details and clarifications, we are at your disposal at the following e-mail addresses:

Mihaela Rosu, Partner BPO & Tax TGS Romania m.rosu@tgs-romania.com
Cristian Faica, Senior Tax Manager TGS Romania c.faica@tgs-romania.com