50% Super-deduction For Stock Exchange Listing Costs In Romania: Implementation Rules Now In Force

July 2026 – Government Emergency Ordinance no. 8/2026 on economic relaunch measures (GEO 8/2026), in force as of 25 February 2026, introduced new corporate income tax incentives in the form of an additional 50% deduction of the expenses incurred for the admission of shares to trading and their maintenance during the first fiscal year following admission, on a regulated market or multilateral trading facility (MTF) in Romania or in a jurisdiction with which Romania has an exchange-of-information instrument.

The Fiscal Code left the eligible expense categories to be defined by order of the Minister of Finance. Order 804/2026 (the “Order”) published on 7 July 2026 now delivers this missing piece, making the incentive fully operational.

Eligible expenses

The Order sets out four categories of qualifying expenses, provided they are recorded in the accounting records of the taxpayer on the basis of supporting documents:

• Consultancy and intermediation services provided by initiating companies/authorised consultants under the market operator’s own rules - including legal advice, valuation, investor communication and relations, and promotion of the public offering;
• Fees and tariffs charged by the competent authority that establishes the legal framework applicable to market operations involving financial instruments admitted or to be admitted to trading - the prospectus approval tariff and the securities registration tariff;
• Fees charged by the market/MTF operator - file processing fee, admission-to-trading fee, annual maintenance fee, and similar;
• Other expenses the taxpayer can substantiate as relating to the admission/maintenance process, e.g., preparing and adapting internal functions and processes to investor requirements, central depository services, and financial audit services.

Timing rules

• General rule: The super-deduction covers expenses recorded from the date of the taxpayer’s corporate decision to launch the listing process until the end of the 12-month period running from the market operator’s approval of admission.
• Listing process already under way as at 1 January 2026: Eligible admission expenses are those recorded between 1 January 2026 and the date the admission to trading is approved.
• Listing process closed at 1 January 2026: For taxpayers in the first fiscal year following admission, eligible maintenance expenses are those recorded from 1 January 2026 until the end of the 12-month period starting from the date of the market operator’s approval of admission.

Exclusion

The incentive does not apply to expenses that are already eligible under state aid / de minimis schemes granting support for listing costs.

Our take

Together with GEO 8/2026, Order 804/2026 completes the legal framework for the listing incentive. Companies considering an IPO or a listing on the Bucharest Stock Exchange or an MTF should document the board or shareholders’ decision launching the process, tag eligible costs in their accounting from the outset, and retain supporting documents to ensure that the 50% additional deduction can be claimed with the annual corporate income tax return.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.