{"id":10298,"date":"2019-01-21T14:42:10","date_gmt":"2019-01-21T11:42:10","guid":{"rendered":"https:\/\/beta.kreston.ro\/2020\/06\/09\/news-on-vat-adjustment-in-case-of-bankruptcy-taxation-of-cryptocurrencies-gains-and-other-tax-changes\/"},"modified":"2020-06-09T17:18:54","modified_gmt":"2020-06-09T14:18:54","slug":"news-on-vat-adjustment-in-case-of-bankruptcy-taxation-of-cryptocurrencies-gains-and-other-tax-changes","status":"publish","type":"post","link":"https:\/\/kreston.ro\/en\/news-on-vat-adjustment-in-case-of-bankruptcy-taxation-of-cryptocurrencies-gains-and-other-tax-changes\/","title":{"rendered":"News on VAT adjustment in case of bankruptcy, taxation of cryptocurrencies gains and other tax changes"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]The most relevant provisions are:<\/p>\n<ul>\n<li>The moment of VAT\u00a0adjustment\u00a0in case of debtor&#8217;s bankruptcy was changed. The adjustment of the VAT will be allowed from the date of bankruptcy (and not from the date of bankruptcy completion).<\/li>\n<li>The income from virtual currency (Crypto-currencies) transfer is listed as income from other sources. The Law clarifies the computation method\u00a0of\u00a0earnings\u00a0from the virtual currency transfer.<\/li>\n<\/ul>\n<p>The income tax will be calculated as the difference between the sale and purchase price, including the direct costs of the transaction by applying a 10% quota. Earnings below RON 200 \/ transaction are not taxable, provided that\u00a0the yearly\u00a0earnings do not exceed RON 600;<\/p>\n<ul>\n<li>Changes the threshold to deduct borrowing cost to EUR 1,000,000 (RON equivalent) during one fiscal period;<\/li>\n<li>The difference between the\u00a0exceeding borrowing costs\u00a0and\u00a0the\u00a0deductible threshold, aforementioned,\u00a0registered in a certain fiscal period\u00a0is deductible\u00a0up to 30% of the base (EBITDA)\u00a0during\u00a0the\u00a0respective\u00a0fiscal period. The excess will be carried forward;<\/li>\n<li>The Register of Entities\/Cult Units for which tax deductions are granted was introduced.\u00a0The\u00a0enrolment in the Register is made\u00a0based on\u00a0entity&#8217;s request, if specific conditions are met and it is a conditions to allow deductions from corporation tax.<\/li>\n<li>The provision on purchasing a single property with a reduced VAT rate of 5% was abolished, with some specific conditions;<\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]The most relevant provisions are: The moment of VAT\u00a0adjustment\u00a0in case of debtor&#8217;s bankruptcy was changed. The adjustment of the VAT will be allowed from the date of bankruptcy (and not from the date of bankruptcy completion). The income from virtual currency (Crypto-currencies) transfer is listed as income from other sources. The Law clarifies the computation [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14902,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[262],"tags":[],"class_list":["post-10298","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-alert-en"],"_links":{"self":[{"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/posts\/10298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/comments?post=10298"}],"version-history":[{"count":2,"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/posts\/10298\/revisions"}],"predecessor-version":[{"id":10300,"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/posts\/10298\/revisions\/10300"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/media\/14902"}],"wp:attachment":[{"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/media?parent=10298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/categories?post=10298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kreston.ro\/en\/wp-json\/wp\/v2\/tags?post=10298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}