President Klaus Iohannis promulgated on Monday the law that exempts taxpayers who carry out exclusively innovation, research and development activities from paying the tax on profits in their first ten years of activity.

People working IT are also exempt from paying the tax on income, according to the new law.

The law also provides a tax of 1% on the revenues of micro companies with one or more employees. If the turnover of one of these companies exceeds EUR 500,000 per year, the company also needs to pay a tax on profit.

Several taxpayers are exempt from paying income tax, including seasonal workers and programmers.

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