Metode Tehnici Fiscale întregul curs - Vostricov Denis

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Lecture 10. A General Overview of the Income Tax 1. A General Overview of the Income Tax 2. Coverage Scope of the Income Tax 3. Deductions Allowed for Taxation Purposes Part 1. A General Overview of the Income Tax In the RM the unitary income tax was introduced on 1.01.98 and replaced three taxes: the profit tax of enterprises, the individual income tax, and the profit tax of banks and other crediting institutions. In most countries of the world individual and corporate income tax vary; this is why the unification of these taxes is an innovation in the taxation practice. The income tax subjects comprise juridical and natural persons receiving income from any sources on the territory of the RM during the taxation year, and juridical persons-residents, which receive investment and financial income from sources outside the RM. Since there are various interpretations of the terms individual and company in the taxation and civil legislation, we will explain some of them. According to the taxation legislation juridical persons are: 1. Any enterprises, institutions, and organizations involved in enterpreneurial activity with the exception of individual enterprises and farms. 2. Non-residents with an economic presence on the RM territory According to the taxation legislation natural persons are the individual enterprises and farms. According to the taxation legislation, taxation subjects are the entities legally responsible for paying taxes. The income tax object is the net income, including the allowances received from all sources by all juridical and natural persons minus the deductions and exemptions granted to the given entity by law. The taxed income=net income (accounting for concesions)-deductions-exemptions. For 2009 the income taxes are imposed as follwos: A) For juridical persons they constitute 0% of taxable income B) For natural persons including farms and individual enterprises • 7% of the annual taxable income not exceeding 25200 lei • 18% of the taxable income exceeding 25200 lei Part 2. Coverage Scope of the Income Tax The net income covered by the income tax includes all types of income: 1. Income from enterpreneurial, professional or any type of such activity. 2. Income of associations and investment funds 3. Payment for the work executed and services provided, including salaries and wages, benefits offered by the employer, fees, commission fees, bonuses and other such type of premiums; 4. Income from renting out wealth; 5. Capital increases resulting from asset operations; 6. Income received in the form of percentage interest rates; 7. Royalties (income from providing the right to utilize non-material property); 8. Annuities (regular insurance payments, pensions and benefits with the exception of social security payments and benefits (pensions and compensations) received on basis of intergovernmental agreements);