Exporter-Friendly Regulatory Act, Amendments to Law No. 29/2023 “On Income Tax”

Following the approval of the new law no. 29/2023 “For Income Tax”, which defines some new rules on taxation for personal income and corporate profits, on 7 June 2023 the Council of Ministers approved the Regulatory Act “For some additions to Law no. 29/2023, “For Income Tax” to provide some benefits and the possibility of increasing liquidity for exporting entities, who have recently been affected by the currency exchange rate. “Exporting taxpayers, who during the year 2022 exported no less than 70% of the total value of sales, including exports, do not pay the installments which are usually paid in advance in the months of June, September and December of the year 2023”. Therefore, with the entry into force of this Regulatory Act, all exporting entities that export more than 70% of their products will not advance the installments of the profit tax for the months of June, September and December 2023. Only if the exporters are profitable (end of the 2023 financial year) will they pay the profit tax, instead, in case of losses they will not pay this tax.