Romania

On 31 October 2026, ZF Live hosted Ionuț Simion and Alina Timofti, tax partners at NNDKP, who discussed the business community’s tax expectations for 2027. The consensus is that no major tax increases are anticipated, providing a stable fiscal environment. However, the experts noted that companies hold significant cash reserves but lack viable investment projects,

On 30 October 2026, Romania’s National Agency for Fiscal Administration (ANAF) announced the launch of the country’s first national tax prevention program specifically targeting Value Added Tax (VAT) compliance risks. This initiative represents a strategic shift from reactive audits to proactive, data-driven risk management, leveraging centralized analysis of non-compliance indicators across the taxpayer population. The

On 30 October 2026, historian and author Johan Norberg, speaking at the ZF Gala 2026, argued that austerity measures based on tax increases are counterproductive and fail to achieve fiscal consolidation. Drawing on historical examples, Norberg demonstrated that higher taxes often reduce economic activity, leading to lower revenues and deeper deficits. He advocated for spending

On 30 October 2026, Romania’s National Agency for Fiscal Administration (ANAF) announced the launch of a new conformity program targeting taxpayers identified with fiscal risk in the value-added tax (VAT) area. The initiative, described as a proactive approach oriented toward error prevention, aims to improve voluntary compliance by engaging with high-risk contributors before formal audits.

On 30 October 2026, ANAF officially published the “lista rușinii” (shame list) for the third quarter of 2026, naming taxpayers with outstanding tax debts exceeding statutory thresholds. This quarterly disclosure, mandated by the Fiscal Procedure Code, aims to increase public pressure on delinquent debtors and deter non-compliance. The list includes both individuals and legal entities,

On 30 October 2026, ANAF released the “lista albă” (white list) for the third quarter of 2026, identifying taxpayers who have fully met their fiscal obligations and are considered low-risk. This complementary measure to the shame list rewards compliant behavior and facilitates simplified procedures for listed entities. Inclusion criteria include timely filing of returns, payment

On 30 October 2026, the Ministry of Finance detailed the revenue shortfalls prompting the first 2026 budget rectification, which reduces consolidated budget revenues by nearly EUR 1 billion. Key underperforming chapters include VAT collections, corporate income tax, and excise duties, reflecting weaker-than-expected economic activity and consumption. The rectification law, approved by Government, reallocates expenditures toward

On 30 October 2026, the Romanian Fiscal Council issued a positive opinion on the achievability of the 6.2% of GDP cash budget deficit target for 2026, as set by the Government. The Council’s analysis indicates that current revenue trends, combined with the approved rectification measures, provide a credible path to meet the target. The opinion

On 30 October 2026, the Romanian Government approved the first budget rectification for 2026, adjusting revenues downward by nearly EUR 1 billion and reallocating expenditures. Finance Minister Alexandru Nazare highlighted healthcare as the primary beneficiary, with additional funds for hospitals, medicines, and personnel. The rectification also includes measures to improve tax collection efficiency and reduce

On 30 October 2026, the Ministry of Finance announced the launch of the 11th edition of Fidelis retail government bonds, available for subscription between 6 and 13 November 2026. Interest rates remain unchanged from October: up to 7.75% annually for RON-denominated bonds and 6.6% for EUR-denominated bonds. The bonds target individual investors, offering a safe