Law no. 290 on the modification and completion of the Fiscal Code

On November 21, 2024, Law no. 290 was published in the Romania Official’s Gazette No. 1163 which brings amendments to the Law No. 227/2015 regarding the Fiscal Code regarding the additional tax for credit institutions and legal entities operating in the oil and natural gas sectors.

Regarding the additional tax for legal entities operating in the oil and natural gas sectors (“ICAS”), the following changes are made, amongst others:

• The condition of the turnover achieved in the previous year by the taxpayer is removed from the ICAS calculation. This tax will be owed by Romanian or foreign legal entities that individually or in an association form deliver goods or provide services on the territory of Romania, carrying out activities in the oil and natural gas sectors, established by order of the Minister of Finance.
• Taxpayers who exclusively carry out activities of distribution/supply/transport of electricity and natural gas and who are regulated/licensed by the National Energy Regulatory Authority are exempted from the application of ICAS.
• Income obtained by non-residents from activities in the oil and natural gas sectors is not part of the scope of the double taxation avoidance conventions concluded by Romania with another state.

The EY team is available for further details regarding the above-mentioned points.