Romanian oil and gas companies with a turnover exceeding 50 million euros will continue to pay the 0.5% minimum turnover tax, instead of the 1.5% rate outlined in a recent amendment to the Fiscal Code. This decision follows the Government’s adoption of a new regulatory act earlier this week, which revised certain provisions of the Fiscal Code, including those impacting the oil and gas sector.
A law passed by Parliament had originally planned to increase the turnover tax from 0.5% to 1.5% starting next year. However, the Government clarified that companies in the oil and gas industry, which were already subject to the 0.5% turnover tax, will remain exempt from the general 1% turnover tax applied to businesses with annual revenues exceeding 50 million euros.
