The modifications of the Fiscal Code that came into effect early this year are the last ones to come in the wake of recent consultations with IMF and European Union experts. The emergency draft ordinance modifying and completing the normative document is likely to be discussed by the Government this week, later that the previously pledged term. They had promised to introduce such measures in the first six months of this year.
"Adjustments have been finalised, so I think we can discuss and approve them during Thursday's government session," Finance Minister Mihai Tanasescu told Ziarul Financiar.
In his opinion, the Fiscal Code has not been subject to significant modifications over the last period, as compared to tax reductions announced in June.
The draft ordinance stipulates that dividend tax, raised to 15% for gross dividends paid to a legal person, will also be levied for sums distributed to open investment funds. Furthermore, the tax on dividends must be paid to the state budget by the 25th of the month, including the month following that during which the dividend is paid. By contrast, the form of the Code valid during 2004 stipulates the 20th as the due date. If distributed dividends are not paid by the end of the year during which annual financial situations were approved, the tax on dividends must be paid by December 31st of the respective year.
Starting next year, revenues from dividends will also include sums received by a taxpayer with participations in closed investment funds. Thus, the new 10% quota levied for the respective sum and valid for all revenues derived from dividends will also be applied in this case. The obligation to calculate and retain taxes on revenues in the form of dividends rests with legal persons once they pay dividends to shareholders or associates.
At the EU's request, the modified form of the Fiscal Code stipulates the reduction of the holding threshold for the defining of affiliated natural and legal persons from 33% in 2004 to a minimum of 25% starting January 1st, 2005.
Thus, a legal person will be considered by the tax authorities as being affiliated to another legal person if at least:
- the first legal person directly or indirectly owns at least 25% of the value/number of participation units or the voting rights of the other legal person, or if it controls the respective legal person
- the second legal person directly or indirectly possesses at least 25% of the value/number of participation units or voting rights of the first legal person
- a third legal person directly or indirectly holds at least 25% of the value/number of participation units or voting rights of the first legal person, as well as of the second legal person.
razvan.voican@zf.ro
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