Tax issues

3. Tax obligations of non-residents for capital gains
08/07/09

In accordance with Article 30. (1) and (3) of the Tax code on Public Finance nr.571/2003, with subsequent modifications and additions, foreign legal persons who receive income from real estate located in Romania or from the sale-assignment of participation titles held in Romanian legal person, are required to pay tax on the taxable profit related income - according to art. 34, and to submit declarations of income tax - according to art. 35 of the same act. Any foreign legal person may appoint a tax representative to fulfill these obligations.

2. Selling agricultural land
07/07/09

Sale of agricultural land are included in exempt operations with right of deduction of VAT, subject to the option for taxation by filing a notice to the competent tax. Charging option is provided in Article. 141 para. (3).
We find optional exemption in the Tax Code art. 141 para. (2). f) 'delivery by any person of a construction ... and the land on which it is built, and any other land. "agricultural land is included in 'any other ground".
Recommendation on further sale of land:

1. How to tax income received by individuals from renting?
09/01/09

Taxpayers who earn income from renting property from the staff are required to submit a statement of estimated income, within 15 days of the contract between the parties. Declaration of estimated income is submitted with a registration tax at the contract concluded between parties.