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Law No. 249 Of 28 December 1998 Approving Ordinance No. 40/1998 On The Amendment Of The Government Ordinance No. 70/1994 Income Tax

Original Language Title:  LEGE nr. 249 din 28 decembrie 1998 privind aprobarea Ordonanţei Guvernului nr. 40/1998 pentru modificarea şi completarea Ordonanţei Guvernului nr. 70/1994 privind impozitul pe profit

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LEGE no. 249 249 of 28 December 1998 on approval Government Ordinance no. 40/1998 to amend and supplement Government Ordinance no. 70/1994 on corporate income tax
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR no. 511 511 of 30 December 1998



The Romanian Parliament adopts this law + Article 1 Approval Government Ordinance no. 40 40 of 30 January 1998 to amend and supplement Government Ordinance no. 70/1994 on corporation tax, issued pursuant to art. 1 lit. a) of Law no. 221/1997 on the empowerment of the Government to issue ordinances and published in the Official Gazette of Romania, Part I, no. 43 of 30 January 1998, with the following amendments and additions: 1. Article I, after point 3, insert point 3 ^ 1 with the following contents: " 3 ^ 1. In Article 1, after paragraph 3, paragraph 4 is inserted as follows: (4) The foreign exchange rate differences in the amounts in foreign currency held by the economic agents shall not be reflected in their income and expenses. " 2. Article I, point 5, Article 4 (1 ^ 2) and (1 ^ 3) will have the following contents: "" (1 ^ 2). The expenses incurred for the realization of the delivered goods and of the immovable property sold under an installment payment contract, as well as in the case of leases are deductible at the time of their performance. ((1 ^ 3) The calculation of taxable profit shall be deductible: a) contributions for the establishment of special purpose funds, according to the law; b) the income, respectively the expenses resulting from the cancellation of debts or from the collection of debts, as the case may be, as a result of the transfer of shares or shares from the State Property Fund, according to the convention; c) expenses of delegation, posting and travel to the country, in the locality and abroad, found by supporting documents; d) per diem; e) insurance expenses relating to fixed and circulating tangible assets and insurance expenses for personnel against accidents at work; f) the amounts representing the contributions of the consumer and credit cooperation organizations to the associations to which they are affiliated according to the Law no. 109/1996 on the organization and functioning of the consumer cooperation and credit cooperation, the contributions of the handicraft cooperative organizations, as well as the contributions to non-governmental organizations, within the limits of the law. " 3. In Article I, the introductory part of paragraph 6 and letter f) of paragraph 3 of Article 4 shall read as follows: "" Six. Article 4 (3) shall be completed as follows: f) expenditure on goods of the nature of stocks found missing or degraded and not attributable, value added tax related to these expenses, value added tax on goods other than those in production own, granted to employees in the form of advantages in kind, as well as the non-deductible value added tax, related to the protocol expenses exceeding the quota provided by the law; " 4. in Article I, point 6, points g)-j), m) and s) of paragraph 3 of Article 4 shall be repealed. 5. In Article I, point 8 shall read as follows: "" 8. Article 7 (1) (c), (2) and (4) shall be repealed. '; + Article 2 The provisions of this Law shall enter into force from 1 January 1999. This law was adopted by the Senate at the meeting of 16 November 1998, in compliance with the provisions of art. 74 74 para. (2) of the Romanian Constitution. p. SENATE PRESIDENT, MIRCEA IONESCU-QUINTUS This law was adopted by the Chamber of Deputies at the meeting of November 25, 1998, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT, ANDREI CHILIMAN --------------