The implementing rules of the Tax Code, as amended Thursday, August 22, 2013, by GD 613/2013, bring further details on the calculation of payroll tax.The amendments relate to payroll tax calculation in case of contributions to voluntary pension schemes classified as such by the FSA and administered by entities authorized in Member States of the European Union or the European Economic Area.
Prior to modification, the monthly tax calculation for income tax of 16% was applied on the basis of calculation, the difference between net income and:
contributions to voluntary pension funds, so the year is not to exceed the equivalent in RON of EUR 400.
According to current changes, the deduction for voluntary pension contributions will be achieved only through the documents on the qualification of voluntary pension schemes, issued by the FSA, on employer’s request.
The payer of income cumulates the amounts in euro and checks the framing by applying the BNR exchange rate on the last day of the month for which the payment of salaries is made.