An Ordinance issued in April provides for a number of changes to the Fiscal code regarding profit tax, income tax, micro-companies tax and value added tax. It changes the Fiscal Procedure Code. Some of the most significant changes are:
Minimum tax: The Ordinance introduces the concept of “minimum tax”, which has to be paid by Romanian and foreign companies operating in Romania through permanent establishments as well as micro-companies liable to profit tax if the profit tax or the micro-company’s turnover is lower than the minimum tax.
The amount of the minimum tax is determined on the base of the revenues reported on 31 December of the previous year. In this framework, certain categories of revenues are expressly excluded by the law for assessing the threshold. However, this does not apply to dividends received from Romanian or foreign companies.
Revaluation reserves. Reserves resulting from the revaluation of fixed assets (including land) performed starting 1 January 2004, which are deducted for corporate tax purposes by means of
fiscal depreciation or expenses resulting from the disposal and/or write-off of fixed assets, become
taxable when fiscal depreciation is deducted or when the goods are disposed of. These provisions apply from May 1.
VAT. During the period 1 May 2009 to 31 December 2010, companies will not be able to deduct VAT on acquisitions of fuel and vehicles exclusively used for passenger transport, weighing less than 3,500 kg and with fewer than nine passenger seats (including the driver's seat).  However, the following categories of vehicles are excluded from this provision: cars used for providing services for consideration, including rental to others, the transfer of usage rights under a financial or operational leasing contract, vehicles used for commercial purposes (i.e. for the purpose of resale).
The subsequent sale of vehicles for which no VAT deduction was allowed at the time of acquisition is VAT exempt. For those taxpayers whose fiscal period is the calendar quarter, the fiscal period becomes the calendar month