Impacto de los medios sociales sobre el reclutamiento de personal

Taxable profi ts are determined by reference to accounting profi ts,

recognised in accordance with Romanian accounting standards, subject to specifi c

fi scal adjustments as provided by corporate tax law. The standard corporate tax rate is 16%.

Capital gains realised by Romanian corporate entities from sale of assets and sale of shares are deemed to be corporate profi ts and are taxed at 16%. Capital gains realized by foreign corporate entities from sale of shares in Romanian entities are taxed at 16% tax on capital gains. Income realised by individuals from transfers of real estate are subject to lower tax rates. Capital gains derived by individuals from the sale of securities, other than shares in limited liability companies and securities in non-listed

ROMANIA

© 2011 KPMG Central and Eastern Europe Ltd., a limited liability company and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

Guide to Taxes on Real Estate in CEE and CIS | 61

Tax Losses

Tax losses can be carried forward and deducted from taxable profi ts recorded during the following seven years on a “fi rst in, fi rst out” (FIFO) basis (tax losses incurred before 2009 can be carried forward for a period of fi ve years). Tax losses recorded by companies that cease to exist as a consequence of a merger or de-merger cannot be taken over by the surviving company after the merger or de-merger.

There is no withdrawal of the tax losses carry-forward right on change of ownership or activity. Tax losses can only be carried forward, not carried back.

Thin Capitalisation

There are two basic Romanian thin capitalisation rules applicable to intercompany loans which need to be considered, as follows:

Deductibility of interest is restricted to 6% for non-RON denominated loans Tax Depreciation

The following depreciation methods are available for tax purposes:

• Straight-line method

• Reducing balance method (may be applied only to certain assets)

• Accelerated depreciation method (may be used for technological equipment such as machinery and installations, computers and related equipment). The accelerated method allows for a deduction of 50% of the cost of the asset during the fi rst year of operation.

Land and goodwill cannot be depreciated for tax purposes. Buildings can be depreciated only using the straight-line method. The tax depreciation period for buildings is between 40 and 60 years. Certain assets attached to a building can be treated as separate movable assets for tax purposes and therefore can be depreciated over a shorter period.

and to the level of the interest rate of the NBR corresponding to the last month of the quarter for loans denominated in RON. This limitation is applicable for each loan. The restriction of deductibility is determined before the calculation of the debt-to-equity ratio. Interest which is non- deductible after the application of this rule is permanently non-deductible.

Interest expenses and net foreign exchange losses for intercompany loans in excess of one year are wholly deductible if the debt-to-equity ratio of the borrowing company is less than three to one. If the debt-to-equity ratio is three to one or more (or negative), interest expenses and net foreign exchange losses are non-deductible (but not permanently non-deductible – see below).

However, interest and foreign exchange losses relating to loans received from Romanian or foreign banks, non-banking

fi nancial institutions (including leasing companies), mortgage credit companies, and other regulated lending institutions are exempt from the scope of thin capitalisation rules.

Any interest or net foreign exchange losses due by the borrower having negative equity or debt-to-equity ratio higher than 3 to 1, can be carried forward to be deducted against income earned in future periods, if and when the company’s debt-to-equity ratio falls below the relevant thresholds.

Starting with 2010, under Romanian law unrealised foreign exchange differences on monetary items are recognised on a monthly basis and are taxable or deductible upon corporate tax calculation (subject to potential thin capitalisation deductibility restrictions).

WITHHOLDING TAX

The standard Romanian withholding tax rate is 16%. However, the rate can be reduced by double tax treaties. As at 1 January 2011, Romania had double taxation treaties with more than 87 countries.

Dividends

A 16% dividend tax rate applies on dividends paid to non-residents (whether individuals or companies).

Under the EU’s Parent Subsidiary Directive, dividend payments made by a resident legal entity to an EU or EFTA legal entity which holds at least 10% of the Romanian entity’s shareholding for a period of at least two years are exempt.

Interest and Royalties

Income derived from interest and royalties is exempt, if the effective

Guide to Taxes on Real Estate in CEE and CIS | 63

benefi ciary of this income is a legal entity which is located in an EU Member State or EFTA State or a permanent establishment of a company from an EU Member State, located in another EU Member State or EFTA State. This rate applies, provided that the effective benefi ciary of the interest or royalties owns at least 25% of the securities of the Romanian legal entity for an uninterrupted period of at least two years, which terminates at the date of the interest or royalties payment.

REQUIREMENTS TO APPLY THE EU’s DIRECTIVES

In order to apply the provisions of the EU’s Directives, a non-resident should provide Romanian companies with an affi davit stipulating that the fi rst fulfi ls the mandatory condition of being benefi ciary.

REAL ESTATE TAX

Real estate tax comprises land tax and building tax. The tax on land is determined by taking into account the surface of the land in square metres, the status of the locality where the land is located, and the area and/or category of use of the land, in accordance with relevant decisions issued by the local council where the land is located. For companies the tax on buildings is usually determined based on the gross book value of the building at a rate between 0.25% and 1.5%, while for individuals the tax on buildings is pre determined depending on the type of building. For building tax purposes, if a company has not performed a revaluation of its building for three consecutive years then starting with the 4th year it is generally liable to an increased building tax rate of up to 10% of the gross book value of the building.

REAL ESTATE TRANSFER TAX

Transfers of real estate may result in land/ building registry taxes and notary fees of up to 1% of the value of the transaction.

VALUE ADDED TAX (VAT)

Starting 1 July 2010, the standard VAT rate in Romania is 24%. A reduced rate of 9% is applicable for certain supplies of goods and services. A special VAT rate of 5% is applicable for sales of dwellings to certain categories of the population as part of the Government’s social programme.

Supplies of buildings, parts of buildings and land are VAT exempt without the right of deduction (meaning that any input VAT incurred on the relevant expenditures is not allowed to be offset against output VAT, but should be borne by the company as an extra cost). Companies can opt to tax such transactions through the submission of a notifi cation to the tax authorities.

However, for supplies of so-called “new” buildings are taxable transactions. In order to qualify for supplies of “new” buildings subject to VAT, certain conditions must be met on a cumulative basis. Romanian tax law specifi es that the “sale of a new building” is deemed to occur if the building is sold no later than 31 December of the year following the year of its fi rst occupation or use. “New buildings” also include (i) altered buildings whose structure, nature or function has been modifi ed, or (ii) buildings for which the value of improvements exceeds 50% of their market value, assuming there has been no change in their structure, nature or function. Building land is defi ned as any unimproved or improved land on which

buildings may be erected according to Romanian legislation.

Rental of real estate is also VAT exempt without the right of deduction. Companies can opt to charge on such services using the same procedure of notifi cation.

VAT grouping is allowed only for certain categories of VAT payers.

For more information on real estate services in Romania, please contact: Mark Gibbins

Partner

KPMG in Romania

Victoria Business Park

DN1 Bucuresti Ploiesti nr. 69-71, Sector 1, Bucuresti 013685 Romania T: +40 741 800 700 M: +40 747 333 133 E: [email protected] kpmg.ro

by companies; there are increased challenges to tax planning schemes applying the substance over form approach to the transactions.

CORPORATE PROFITS TAX AND

In document El reclutamiento 2.0: aplicación para el puesto de Community manager. (página 36-41)