Romania: Country-by-country reporting added to tax law | KPMG | BE

Romania: Country-by-country reporting added to tax law

Romania: Country-by-country reporting added to tax law

Romania has taken steps to implement country-by-country (CbC) reporting by transposing into Romanian tax law, the provisions of EU Directive 881/2016 on the mandatory automatic exchange of information on taxation and pursuant to recommendations of the OECD’s base erosion and profit shifting (BEPS) Action 13.

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The new law requires entities that are part of multinational entity groups and that qualify as parent companies having their fiscal residence in Romania, or any other reporting entity that meets the conditions specified in the law, to submit an annual report for each country. Romanian groups with a consolidated income greater than the threshold of €750 million in the year preceding the reporting fiscal year are required to make this annual CbC report. 

  • The CbC report must include certain tax information, such as the amounts of turnover; income / loss before corporate tax,  income tax paid / accrued, declared capital, and undistributed profit; as well as the number of employees and information about tangible fixed assets. 
  • In addition, the CbC report must provide details of the constituent entities of the group, such as the jurisdiction of tax residence and the main economic activities.

 

Read a June 2017 report [PDF 454 KB] prepared by the KPMG member firm in Romania

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