AMENDMENTS TO THE FISCAL CODE REGARDING THE EXPENDITURES AND THE DETERMINATION OF THE EXERCISE RESULT

Holt Gheorghe
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Holt Gheorghe: CONSTANTIN BRANCUSI UNIVERSITY OF TARGU JIU, ROMANIA

Annals - Economy Series, 2017, vol. 1, 107-112

Abstract: Fiscal Code has brought many changes in the structure of the expenses used to calculate the results of the exercise and, thus, the profits tax. It treats the three items of expense categories (deductibles, with limited deductibility and non-deductible), bringing numerous changes in the structure of each of them. Expenses is recorded as decreases in economic benefits during the accounting period as outflows or decreases in assets and increases in the value of debt, which is reflected in the reductions of equity, other than those arising from their distribution to shareholders. The Fiscal Code has brought many changes to tax legislation in Romania, all the titles being affected, a particular importance being awarded to the changes regarding to the expenses deductibility, items that are the subject of this material. The basic concept regarding the deduction of expenses has been reformulated in the Fiscal Code, so that - currently - are deductible expenses that are performed for business purposes, unlike the general rule of deductibility valid until 31 December 2015, that were deductible only those expenses incurred in order to achieve taxable income.

Keywords: fiscal legislation; deductible expenses; expenses with limited deductibility; non-deductible expenses; accounting result; fiscal result; financial position (search for similar items in EconPapers)
Date: 2017
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