Sales tax is not sustainable in the long term, regardless of political will, says Secretary of State for the Ministry of Finance, Aline Chitu.

“If this tax is so good and effective, then it was everywhere in the world, but it exists only here and in a couple of neighboring states. We will definitely have to intervene,” Chitu said.

Law 296/2023, according to which taxes are increased and new ones appear, has provisions that come into force from November 2023, as well as from January 1, 2024.

Among the measures that will appear from 1 January 2024 is a 1% turnover tax for large companies (with a turnover of €50 million), if the 16% profit tax is too low.

In practice, a formula is introduced from which various things are deducted, such as investments or excise taxes.

Exceptions are companies that exclusively engage in the distribution/supply/transportation of electricity and natural gas and are regulated/licensed by the National Energy Regulatory Authority.

Banks will pay an additional 2% turnover tax

An additional tax is introduced for banks (in addition to income tax) in the amount of:

• 2% for the period from January 1, 2024 to December 31, 2025 inclusive;

• 1% starting from January 1, 2026.

Additional tax for companies in the oil and gas sector

An additional tax of 0.5% is also introduced for oil and gas companies with a turnover of more than EUR 50 million.

Practically, in addition to the income tax, this new tax should also be applied.

See the list of new taxes that will come into force from January 2024.