RomaniaAccounting and Audit
The Law for the approval of the Profit Tax Ordinance (Ordinance no.70/1994) has been recently passed by the Parliament (published in the Official Monitor no.174/1996). It includes a number of significant amendments to the original ordinance. Most of these amendments were included in the draft approved by the Senate in November 1995 (refer to PW Flash Report dated 16 November 1995). However, it is not identical!
According to the new law (Law no.73/1996) and effective 1 January 1997, taxpayers will no longer be classified as large and small taxpayers. The taxable profit will be calculated as the difference between revenues and the expenses incurred in generating such revenues, plus nondeductible expenses.
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