20% for the environment from your business turnover

WHAT IS THE ``20% SYSTEM``?

According to the new Fiscal Code published in 2016 by Law no. 227/2015, any company may direct 20% of the profit tax to an NGO. But even at this moment, few managers know that they have this freedom of choice, which does not cost them anything.

HOW DOES IT WORK?

The system is very simple.

First of all, a sponsorship contract must be made, which states the amount to be donated.

This amount of money is considered non-deductible and constitutes as a tax credit. It does not affect the tax base. At the time of paying the profit tax to ANAF, only the rest of the tax will be paid, so the donation will reach the beneficiary directly.

For example, out of 1,000 lei tax due, 200 lei are to be transferred to the sponsorship contract and 800 lei to the payment order to ANAF.

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