Law no. 431/2023 transposes the provisions of Directive (EU) 2022/2523 (hereinafter referred to as “Pillar 2 Directive”) to introduce into the Romanian legislation a complex system of rules for an effective minimum taxation of 15% for multinational enterprise groups and large-scale domestic groups with annual consolidated revenues of at least EUR 750 million in at least two of the four previous financial exercises.
The President of Romania promulgated the law on 29 December 2023. It became law no. 431/2023 and was published in the Official Gazette no. 8 dated 5 January 2024.
Law no. 431/2023 applies to financial exercises starting as of 31 December 2023.