Exchange rates useful for calculating tax thresholds in 2019:
Exchange rate published on 31.12.2018: 4.6639 lei/EUR Exchange rate for 31.12.2018 (28.12.2018): 4.6581 lei/EUR Annual average exchange rate communicated by the National Bank of Romania (BNR): 4.6535 lei/EUR Exchange rate at the date of EU accession: 3.3817 lei/EUR
Threshold for classification as a micro-enterprise
Turnover below 1,000,000 euros (the exchange rate for determining the EUR equivalent is the one valid at the close of the financial year in which revenues were recorded – on 31.12.2018 this was 4.6639 lei/EUR, therefore the threshold is 4,663,900 lei).
Declaration: D700 (010) Deadline: March 31 of the year following the year of threshold classification (for 2018, the deadline is 31.03.2019).
Transition to corporate income tax
Exceeding the threshold of 1,000,000 euros triggers the obligation for companies to transition to the corporate income tax regime. The threshold is calculated using the closing exchange rate, namely the one as of 31.12.2018 – 4,663,900 lei.
Companies may opt to transition to the corporate income tax regime if they have subscribed share capital of at least 45,000 lei and have at least 2 employees.
Declaration: D700 (010) Deadline: within 15 days from the date of a subsequent change to the initially declared data.
Transition to VAT payer status
The threshold above which a company is required to register for VAT purposes corresponds to a turnover exceeding 88,500 euros.
Specifically, a taxable person established in Romania whose annual turnover, as declared or achieved, is below the threshold of 88,500 euros — the lei equivalent of which is established at the exchange rate communicated by the National Bank of Romania at the date of EU accession and rounded to the nearest thousand, i.e. 300,000 lei — may apply the VAT exemption (special exemption regime).