Redirect 20% of your profit tax to forests by 31 March

Do you know about the facilities offered by Law 30 of 2019, under which you can sponsor an NGO free of charge if you own a company?
You can redirect 20% of your profit tax quarterly, and the nearest date is 31 March.

Every contribution means an enormous amount, especially in a time of crisis when everyone’s ability to continue their work is in question.

Under the law, taxpayers making sponsorships in accordance with Law No. 32/1994 on sponsorship, as subsequently amended and supplemented, deduct the corresponding sums from the profit tax due at the minimum value of the amount representing 20% of the profit tax due.

The procedure is very simple. If you sponsor Agent Green or another association by 31 March, you can deduct the value of the sponsorship up to 20% of the income tax due for the quarter in which you recorded the expenses through your company.
The deduction is made by completing declaration 107 and submitting it by 31 March 2020, for profit-tax payers.

Amounts not deducted from income tax are carried forward for up to 28 consecutive quarters.

Example calculation of the deductible amount:
For quarterly tax of 5%
Revenue: 100,000 lei
Income tax (5% case): 5,000 lei
20% of income tax (the value of the deductible sponsorship): 1000 lei

Get involved in supporting forests free of charge if you own a company, or pass this on to your employer or to friends who own a company and love nature.

DOWNLOAD THE SPONSORSHIP CONTRACT (DOCX in Romanian)

Thank you!