Banks and Non-Bank Financial Institutions have different criteria for calculating a loan, so it is good to make enquiries before submitting the loan file with incomes from your activity as an APP or from liberal professions, in order to obtain a correct calculation. It provides you with the maximum loan amount.
According to the law, the activities performed by an APP or liberal professions are taxed as follows:
- real system
- income norm
- if your annual income exceeds EUR 100,000, you have the obligation to determine your annual net income, in real system (according to the Fiscal Code), even if your activity has a CANE (Classification of Activities in the National Economy) Code, eligible on “income norm”
Taxation differences:
- in the real system, your income tax is calculated based on the gross annual income earned
- as far as the income norm is concerned, the tax is calculated based on the norm specific to each CANE code
Differences in filling in the Cashing and Payments Register:
- the entities in the real system have the obligation to fill in the register with their income and expenses
- the entities in the income norm system only have the obligation to fill in the register with their incomes
Income calculation in the real system in 2019:
- gross income earned in 2019: RON 100,000
- minimum salary 2019, RON 2,080 (12 salaries * RON 2,080 = RON 24,960)
- SSC (Social Security Contribution) 25% * RON 24,960 = RON 6,240
- SHIC (Social Health Insurance Contribution) 10% * RON 24,960 = RON 2,496
- 10% tax * RON 100,000 = RON 10,000
Income norm calculation in 2019, CANE code 6202- information technology consultancy activities:
- income norm 2019: RON 32,000
- minimum salary 2019, RON 2,080 (12 salaries * RON 2,080 = RON 24,960)
- CAS 25% * RON 24,960 = RON 6,240
- CASS 10% * RON 24,960 = RON 2,496
- 10% tax * RON 32,000 = RON 3,200
Taxes and contributions are paid until March 15th of the following year.
General documents required for your loan file:
- The 212 Single Statement
- The Cashing and Payments Register for the last 12/24 months
- The Register of fixed assets and / or affidavit, stating that it does not exist
- Fiscal Certificate (with taxes and fees paid to date)
- Account statements for the last 12/24 months
- Proof of the existence of the workspace for the entrepreneurial entity or proof that the entrepreneurial entity operates in the clients' space
- For VAT payers - the VAT return for the previous year; if he is not a VAT payer, he will give a declaration to this effect
- Documents certifying the establishment of the entrepreneurial entity
The experience we gained in over 14 years, collaborating with over 15 banks and non-banking institutions in our portfolio, helps us quickly advise you where you will receive the maximum offer, based on your income.