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EY Romania: Global minimum 15 pct tax rate on multinationals enters straight line
The taxation of multinationals by at least 15 pct goes into a straight line, and Romania will have to adapt its legislation to include these new taxation rules, covering also specific situations, according to an analysis made by Miruna Enache, EY Romania & Moldova Tax Partner, EY CESA Tax Markets Leader.
"Multinationals must be prepared: Romania, through the voice of its Minister of Finance, Adrian Caciu, begins preparations for the implementation, as of January 1, 2023, of the Directive on the minimum level of taxation. Since the administrative and compliance costs of the introduction of the Global Minimum Corporate Tax (GloBE) will be minimal, so as the Organisation for Economic Co-operation and Development (OECD) is assuring, where the Government will have to really work, will be on adapting the legislation so as to take into account all the specific situations and prepare clear rules, to ensure an easy enforcement of the European Directive," the article mentioned says.
The EY Romania partner says that Romania will have to adapt its legislation to include these new taxation rules, covering also specific situations (such as micro-enterprises, the situation in which a group's entity located in Romania must apply the minimum additional tax, even if it is not a holding company, etc.). The preparation of clear rules for the practical enforcement of the new rules is extremely important (as the implementing rules for all the European legislation implemented in our country have proved to be extremely useful).