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Romania

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About

Romania

Capital
Official languages
Population 
Currency

ISO 4217

Bucharest

Romanian

19,237,691 (as of 2019)

Romanian Leu

RON

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Economy

"Romania has seen a steady increase in its economy over the past few years. According to the World Bank, Romania's GDP grew by 4.1% in 2019, making it one of the fastest growing economies in the European Union. The country's unemployment rate has also decreased significantly, dropping from 8.2% in 2018 to 6.2% in 2019. Inflation has also been kept in check, with the average inflation rate in 2019 being 3.2%.

The country has also seen a rise in foreign direct investment, with the total amount of FDI reaching $7.3 billion in 2019. This is a significant increase from the $4.7 billion in 2018. Romania has also seen an increase in exports, with exports reaching $77.3 billion in 2019, up from $71.2 billion in 2018.

Overall, Romania's economy has been on an upward trajectory in recent years, with strong growth and low inflation. The country has also seen an increase in foreign investment and exports, which is helping to drive the economy forward."

Taxation

In Romania, both individuals and companies are subject to income tax. 


For individuals, income tax rates are progressive and range from 10% to 45%. Income tax is calculated on a monthly basis and is withheld by the employer from the employee's salary. Individuals are also subject to social security contributions, which are paid by both the employer and the employee. 


For companies, the standard corporate income tax rate is 16%. Certain companies, such as those in the IT sector, may be eligible for a reduced tax rate of 3% or 5%. Additionally, companies are subject to social security contributions on behalf of their employees. 


Tax payments are typically made on a quarterly basis. The deadline for payment of quarterly taxes is the 25th of the month following the end of the quarter. For annual income tax, the deadline for payment is generally the 15th of March of the following year. Companies must also submit an annual tax return by the same deadline. Late payments are subject to interest and penalties.

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