The Ministry of Finance clarifies the problem notified by the tax consultants regarding the application of IMCA and ICAS for 2024

After the Chamber of Fiscal Consultants noted that the legislation regarding the minimum tax on the turnover (IMCA) and the additional one in the oil and gas activity (ICAS) is not clear, this transmitted to the Ministry of Finance.

Basically, the companies that have obtained oil and gas revenues, in addition to those from the current activities, applied the fiscal provisions differently.

Some, in the analysis of the tax on profit, interpreted the legislation taking into account the fact that the profit tax is lower than the minimum tax on the turnover, so they declared and paid the minimum tax on the turnover (1%) for 2024, even if they obtained income from oil and gas.

Others have understood that they must declare and pay the profit tax due for the year 2024, regardless of its value in relation to IMCA and, in addition, the specific tax on the turnover (0.5%ICAS).

The Ministry of Finance replied CCF. Thus, “for the year 2024, the taxpayers who carry out the main or secondary activities corresponding to the CAEN codes established by the Order of the Ministry of Finance no. 5433/2023, owes ICAS for the total income”.

See here the official finance response