Italy vs Romania

24

16

By the end of the 10th month after the end of the tax year.

If the accounting year is equal to the calendar year, the annual CIT declaration form should be due by June 25 of the following year; for cases where the accounting year is different from the calendar year, the annual CIT declaration form should be due on the 25th day of the sixth month after the end of the company's accounting year. Quarterly CIT declaration forms should be submitted by the 25th day of the next month for the first, second, and third quarters.

The last day of the sixth month after the end of the tax year.

The final payment of CIT is usually due on the 25th of the sixth month after the end of the company's fiscal year.

Advance payment: 1) Pay 40% on the last day of the sixth month after the end of the tax year, 2) Pay 60% at the end of the eleventh month after the end of the tax year. Taxpayers subject to the ISA reliability indices pay 50% in each instalment.

Quarterly installments should be paid by the 25th of the first month after the first, second, and third quarters.

0-26/0-26/0-20

16/NA/NA

26/26/30

16/16/16

22

21

Capital gains are subject to the normal corporate income tax rate. A gain on a shareholding realised by a company is exempt as to 95% of its amount where four cumulative conditions are met: uninterrupted possession from the first day of the twelfth month before the disposal; classification among financial fixed assets in the first balance sheet closed during the holding period; the participated company not being resident or located in a preferential tax regime, that condition holding uninterruptedly for the period the statute requires; and the participated company carrying on a commercial enterprise, which is conclusively presumed absent where its assets consist mainly of property not used in its own business, and which must have been satisfied from the beginning of the third tax period before the disposal. The remaining 5% of the gain is taxed as business income.

Capital gains are constrained by the normal corporate income tax rate.

21.18%

14.41%

-22.74%

6.41%