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01 Feb 2017

NEWSLETTER No. 3: Fiscal Code amendments

In the Official Gazette no. 16 from 6 January 2017, it was published the Emergency Ordinance no. 3/2017 for amending and supplementing normative acts from financial and tax legislation.

You may find below the main amendments brought to the Fiscal Code through the mentioned Ordinance, amendments that enter into force from 1st February 2017.

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25 Feb 2016

NEWSLETTER No. 2: Legislation update related to Transfer Pricing

In the Official Gazette no. 74 from 2 February 2016, it was published the Order of the NAFA President no. 442/2016 regarding the value of the transactions, the drafting deadlines, the contents and the conditions for the request of the transfer pricing file and the procedure of adjustment/estimation of transfer prices.

You may find below the main changes introduced by this Order in the Transfer pricing legislation.

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16 Dec 2015

NEWSLETTER No. 18: Granting certain tax breaks

In The Official Gazette no. 785 from October 21st 2015, the Government Emergency Ordinance no. 44/2015 for granting certain tax breaks has been published. The purpose of the GEO is to increase the voluntary payment by the taxpayers of the outstanding taxes due to the local and state budgets. 

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14 Oct 2015

NEWSLETTER No. 11: The New Tax Procedure Code

Boscolo & Partners inaugurates the series of newsletters that will inform on the most important changes that will occur in the Romanian tax legislation starting January 1st 2016.

We begin this series with the changes brought by the Law 207/2015 regarding the Tax Procedure Code, law published in the Official Gazette no. 547 of 23 July 2015 and which will enter into force starting with 1st January 2016.

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26 May 2015

NEWSLETTER No. 5: New modifications of the tax legislation

The GEO 6/2015, aimed at the modification and amendment of the Law 571/2003 regarding the Tax Code, has been published in the Official Gazette no. 250 from 14 April 2015. Subsequently, the GEO 8/2015 for the modification and amendment of some normative acts has been published in the Official Gazette no. 285 from 28 April 2015.

Please refer below to the main provisions of the abovementioned law acts.

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20 Feb 2015

NEWSLETTER No. 3: New accounting regulations

The Order of the Minister of Public Finances No. 1802, for approving the Accounting regulations regarding the annual individual financial statements and the annual consolidated financial statements was published in the Official Gazette no. 963/30.12.2014. Please find below the main amendments brought by the Order.

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13 Feb 2015

NEWSLETTER No. 2: Fiscal Code Amendments - VAT

On December 12, 2014, OUG no. 80/2014 for the amendment and supplementation of the Law no. 571/2003 regarding the Fiscal Code and other normative acts was published in the Official Gazette no. 906. Among other things, the present OUG brings changes in the scope of VAT, and for the purpose of supporting these changes, a few Orders of the NAFA President have been issued.

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06 Feb 2015

TAX NEWS No. 1: Daily allowance rate increase

The Order no. 60 of the Ministry of Public Finance regarding the amendment of the daily allowance rate for delegations and secondments as well as the amount representing the compensation for accommodation expenses, incurred by the public institutions personnel, has been published in the Official Gazette of Romania no.68/27.01.2015.

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30 Jan 2015

NEWSLETTER No. 1: Amendments to the Fiscal Code

The beginning of 2015 brought a number of changes to the Fiscal Code, with implications for both businesses and individuals. Please find below the most important changes regarding the tax on special constructions, income tax and excise duties, entered into force on 01.01.2015.

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16 Dec 2014

NEWSLETTER No. 11: Revaluation of fixed assets

For finalizing the 2014 financial statements, it is recommended to analyze the necessity of revaluating the fixed assets in order to reflect their market value in the accounting records. We present here the main implications of such a revaluation from a tax point of view.

 

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11 Dec 2014

NEWSLETTER No. 10: Inventory 31.12.2014

General inventory of property

 According to Accountancy Law 82/1991 and Order 2861/2009, all companies are required to perform general inventory of property at least once a year, usually at the end of the year.

We set out here our newsletter on this matter.

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13 Oct 2014

TAX NEWS No. 2: Wind turbines support towers

The Order of the Ministry of Finance no. 1210 regarding the approval of the Decision no. 5/2014 of the Central Fiscal Commission regarding the classification of wind turbines support towers for building tax purposes was published in the Official Gazette of Romania, no. 682/18.09.2014.

We set out here the clarifications brought by this Decision

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11 Jul 2014

NEWSLETTER No. 9: The adoption of the new act on insolvency and its prevention

On June 28, 2014 it came into force the new law that brings together and deals uniformly all collective proceedings to prevent insolvency, the insolvency procedure itself, and the regulation of corporate bankruptcy with special status (credit institutions and insurance companies). Arisen from a practical need, for the first time it is regulated the insolvency of a group of companies.

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28 May 2014

NEWSLETTER No. 8: Tax exemption for reinvested profit

Government Emergency Ordinance no. 19 for the amendment and completion of Fiscal Code was published in the Romanian Official Gazette no. 308/25 April 2014. Government Decision no. 421 for approval of the related Methodological Norms was published in the Romanian Official Gazette no. 384/23 May 2014.

We set out below the amendments brought through this ordinance, in connection to the profit tax exemption for reinvested profit.

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21 May 2014

NEWSLETTER No. 7: Tax on construction

In recent days the Government has published on its website the draft of a Government decision regarding Regulations on the new tax for constructions. The Regulations are still to be approved by the Government so various differences between the draft and the final version may occur.

For more details on constructions tax please refer to our Newsletter no.14 of  December 6, 2013.

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13 May 2014

NEWSLETTER No. 6: Amendments to Fiscal Procedure Code

Government Emergency Ordinance no. 8 for the amendment and completion of certain legal acts and other fiscal and budgetary measures was published in the Romanian Official Gazette no. 151//28 February 2014.

We set out below the most important amendments brought to the Fiscal Procedure Code through this ordinance, in force starting 28 February 2014.

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20 Mar 2014

TAX NEWS No. 1: Inflation index used for computing the corporate income tax

Order of the Ministry of Public Finance no. 256 regarding the inflation index was published in the Romanian Official Gazette no. 135/25.02.2014.

For fiscal year 2014, the consumer price index used for adjusting the advance payments on account of the annual corporate income tax is equal to 102,4%.

Hence, the companies that opted for computing the annual corporate income tax, with advance payments, shall apply this index to the value of the annual corporate income tax for FY2013 in order to compute the advance payments that are due in FY2014 on a quarterly basis.

We remain at your disposal for any further clarifications.

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06 Mar 2014

NEWSLETTER No. 3: Entry into force of the new criminal legislation

Starting with February 1st, 2014 the new Criminal Code and Criminal Procedure Code have entered into force; moreover several changes were made to the provisions of the national insolvency law and the company law. Whereas, over the last few years, the number of our costumers facing insolvency procedures or due to inadequately regulated relationships with the business partners has increased appreciably, we consider necessary to highlight some of the changes having a significant impact on the relations between the professionals.

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13 Feb 2014

NEWSLETTER No. 2: Special obligations of energy producers

Considering the interest expressed by economic operators for obtaining a license as energy producers from renewable resources, we would like to highlight some special accounting and tax obligations brought by the Law concerning electricity and natural gas, obligations applicable for all energy producers.

We set out below such special obligations as stipulated by art. 13 of the law.

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13 Jan 2014

NEWSLETTER No. 1: VAT Cash accounting system

Government Emergency Ordinance no. 111/2013 for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code and the regulation of some fiscal and budgetary measures was published in the Romanian Official Gazette 809/19 December 2013.

We set out below the amendments brought to the Fiscal Code through this Ordinance with respect to application of VAT cash accounting system, introduced in 2013 and brought to your attention by our Newsletter no.1/7.01.2013.

The changes brought through this Ordinance come into force starting with January 1, 2014.

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20 Dec 2013

NEWSLETTER no. 17: Amendments to the Fiscal Code

Ordinance no.102/14 November 2013 for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code and the regulation of some fiscal and budgetary measures was published in the Romanian Official Gazette no. 703/15 November 2013.

We set out below the amendments brought to the Fiscal Code through this ordinance with respect to the income tax, tax on income derived by non-residents and VAT, changes that come into force starting with January 1, 2014

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17 Dec 2013

NEWSLETTER no. 15: Amendments to the Fiscal Code

Ordinance no.102 for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code and the regulation of some fiscal and budgetary measures was published in the Romanian Official Gazette no. 703/15 November 2013.

We set out below the amendments brought to the Fiscal Code through this ordinance with respect to the corporate income tax and the revenue tax for microenterprises, changes that come into force starting with January 1, 2014

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06 Dec 2013

NEWSLETTER No. 14: Amendments to the Fiscal Code

Emergency Ordinance no. 102/2013 for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code and the regulation of some fiscal and budgetary measures was published in the Romanian Official Gazette no. 703/15 November 2013.

We set out below the most important provisions regarding the newly introduced tax on constructions, applicable as of January 1st, 2014. 

 

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05 Dec 2013

NEWSLETTER No. 13: Inventory 31.12.2013

According to Accountancy Law 82/1991 and Order 2861/2009, all companies are required to perform general inventory of property at least once a year, usually at the end of the year.

The companies with complex activities may carry out the inventory before the financial year closing, on the condition that the results of the inventory are included in the financial statements of that fiscal year.

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28 Aug 2013

NEWSLETTER No. 11: Amendments to the Fiscal Code

Ordinance no.16/30 July 2013 for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code and the regulation of some fiscal and budgetary measures was published in the Romanian Official Gazette no. 490/2 august 2013. We set out below the most important amendments brought to the Fiscal Code through this ordinance.

 

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09 Jul 2013

NEWSLETTER No. 9: Amendments to the Fiscal Code

Law no.168 regarding the approval of Government Ordinance no. 8/2013 for amending and completing the Fiscal Code was published in the Romanian Official Gazette no. 310/29.05.2013. We set out below the most important changes brought to the Fiscal Code by this law.

 

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10 Jun 2013

NEWSLETTER No. 8: Taxation of seconded romanian residents

One of the changes brought to the Fiscal Code at the beginning of the year refers to the taxation regime applied to the income obtained by Romanian resident individuals that carry out dependent activities abroad. We set out below these changes, classified based on the type of employer that incurs the income expenses and on the period of the secondment. The time-limit of 183 days, which is mentioned below, is represented by the period generally established in the double tax treaty concluded by Romania with the country in which the individual carries out his activity. In the case of double tax treaty that establishes a different period, the period mentioned in that specific double tax treaty shall be taken into consideration.

 

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08 May 2013

NEWSLETTER No. 7:New measures for combating late payment in commercial transactions

The new legislative provisions apply to due, certain and liquid debts representing monetary claims arising from contracts concluded between undertakings or between undertakings and a contracting authority, having as object the supply of goods or the provision of services, including the design and execution of public works, buildings and civil engineering works.
The new legal provisions shall not apply in case of: 1. claims submitted to the statement of assets under insolvency proceedings, debts subject of an ad-hoc mandate, preventive concordat or of an understanding of the parties following an extrajudicial negotiation with respect to the company’s debt restructuring procedure;
2. claims resulting from contracts concluded between undertakings and consumers.
We hereby present the information brought by Law no. 72 which came into force on April 5th, 2013. This regulatory document is applicable only to agreements concluded after this date.

 

 

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04 Apr 2013

NEWSLETTER No. 6: Applicable VAT treatment for fiscal receipts

Following the amendments brought to the Fiscal Code by GO 8/2013, the Government Decision no. 84 amending and completing the Methodological Norms for the application of the Fiscal Code was published in the Romanian Official Gazette no 136/14.03.2013.
Through a press release published on the website of the Ministry of Finance, additional clarifications have been brought on the VAT deduction right related to purchases of goods or services (including fuel) for which fiscal receipts are issued.
We present below the amendments brought by this Decision related to the justification of VAT deduction from fiscal receipts, changes that came into force on 14 March 2013.

 

 

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27 Feb 2013

NEWSLETTER No. 5: Tax on revenues obtained by non-residents

Government Ordinance no. 8/2013 amending the Fiscal Code was published in the Romanian Official Gazette no. 54/23.01.2013.
We set out below the main amendments brought by this Ordinance in respect of the taxation regime applied to the revenues obtained from Romania by non-residents, amendments that came into force starting 1 February 2013.

 

 

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25 Feb 2013

NEWSLETTER No. 4: Revenue tax for microenterprises

It was published in the Romanian Official Gazette no. 54/23.01.2013 the Government Ordinance no. 8/2013 amending the Fiscal Code.
Please find below the amendments brought by this Ordinance on the tax treatment of the microenterprises, changes that came into force starting with February 1, 2013.

 

 

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24 Jan 2013

NEWSLETTER No. 2: Annual profit tax with advance payments

Starting with January 1st, 2013, taxpayers may opt for computing, declaring and paying the annual profit tax with quarterly advance payments.
The option to apply for this system should be notified at the beginning of the year for which the taxpayer requests to apply it, by submitting until the 31st January (inclusive), the form 012 Notification regarding the changes to the system of declaring and paying the annual profit tax. This option must be kept for at least 2 consecutive fiscal years.

 

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07 Jan 2013

NEWSLETTER No. 1 - VAT cash accounting system

As previously mentioned in Newsletter no.13 from 20 September 2012, starting with 1 January 2013, the VAT cash accounting system is applicable.
We set out below additional information in respect of the new system, information brought through GD no.1071/2012 for amending and supplementing the Methodological Norms for the application of the Fiscal Code.

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17 Dec 2012

TAX NEWS No. 3: New legal deadline for declaration and payment of tax liabilities for November 2012

It was published in the Romanian Official Gazette no. 845/13.12.2012 the Emergency Ordinance no. 84 amending the Fiscal Procedure Code.

According to this, the legal deadline for the submission and payment of tax liabilities for the month of November changes from December 25 to December 21, 2012.

We remain at your disposal for any further information you may need.

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14 Dec 2012

NEWSLETTER No. 15: Inventory 31.12.2012

According to Accountancy Law 82/1991 and Order 2861/2009, all companies are required to perform general inventory of property at least once a year, usually at the end of the year.

The companies with complex activities may carry out the inventory before the financial year closing, on the condition that the results of the inventory are included in the financial statements of that fiscal year.

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13 Dec 2012

NEWSLETTER No. 14: Registration of the services agreements concluded with non-residents

It was published in the Romanian Official Gazette no. 695/10.10.2012 the Order of National Agency of Fiscal Administration no. 1400 on the registration procedure of the agreements/ documents concluded with non-resident legal entities/individuals.

This Order revokes the Order 2310/2007 that regulated this procedure; this Order was subject of our Newsletter no. 18/19.12.2007.

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20 Sep 2012

NEWSLETTER No. 13: Amendments to the Fiscal Code

Government Ordinance no.15 for the modification and completion of Law no. 571/2003 regarding the Fiscal Code was published in the Romanian Official Gazette no. 621/29.08.2012.

We set out below the most important amendments brought to the Fiscal Code by this ordinance.

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03 Aug 2012

NEWSLETTER No. 12: Amendments to the Methodological Norms for the application of the Fiscal Code – Expenses related to motorised road vehicles and other amendments

Government Decision no. 670/2012 amending and supplementing the Methodological Norms for the Application of Law no. 571/2003 regarding the Fiscal Code, approved by Government Decision no. 44/2004, was published in the Romanian Official Gazette no. 481/13.07.2012.

We set out below the most important amendments brought by this Government Decision to the Methodological Norms for the application of the Fiscal Code.

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11 Jul 2012

TAX NEWS No. 2: Increase in the level of deductible daily allowance

This ordinance stipulates, among other provisions, an increase in the level of the allowance in foreign currency granted to the personnel employed with the public sector that is sent abroad in order to carry out temporary assignments, allowances which are regulated by Government Decision no. 518/1995. 

We remain at your disposal for any further information you may need.  

 

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21 Jun 2012

NEWSLETTER No. 10: Amendments to the Fiscal Code

The Government Ordinance no. 24/2012 amending Law 571/2003 regarding the Fiscal Code was published in the Romanian Official Gazette no. 384/07.06.2012.

Note that the provisions presented below are applicable as of 1st July 2012, unless otherwise mentioned and additional clarifications to these amendments should be brought subsequently through the Methodological Norms for the application of the Fiscal Code.

We set out below the most important amendments brought by the Ordinance to the Fiscal Code.

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11 Apr 2012

NEWSLETTER No. 7: Balance Sheet 2011 – News

Order of the Minister of Public Finance no. 52/2012 regarding the preparation and submission of the balance sheet for FY 2011 was published in the Romanian Official Gazette no. 46/19.01.2012.

We set out below the most important changes brought by reference to the previous financial years.

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05 Apr 2012

NEWSLETTER No. 6:Amendments to the Methodological Norms for the application of the Fiscal Code

Government Decision no. 50/2012 amending and completing the Methodological Norms for the Application of Law no. 571/2003 regarding the Fiscal Code, approved by Government Decision no.44/2004 was published in the Romanian Official Gazette no.78/31.01.2012.

We set out below the most important amendments brought by this Government Decision to the Methodological Norms for the Application of the Fiscal Code. 

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02 Apr 2012

NEWSLETTER No. 5: Provisions regarding individuals’ tax residence in Romania

The Order of the Minister of Public Finance no.74/2012 regarding some aspects relating to individuals’ tax residence in Romania was published in the Romanian Official Gazette no. 73/30.01.2012.

We set forth below the main provisions of the Order of the Minister of Public Finance no.74/2012 regarding the resident and non-resident individuals arriving and leaving Romania. 

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24 Feb 2012

NEWSLETTER No. 4 : Amendments to the Fiscal Code (II)

The Government Ordinance no. 125/2011 amending the Law 571/2003 regarding the fiscal Code was published in the Romanian Official Gazette no. 938/30.12.2011.

In Newsletter no. 3 we have presented the changes on profit tax, VAT and local taxes. Through the current newsletter we bring to your attention the changes on income tax and excise duties. 

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17 Feb 2012

NEWSLETTER No. 3: Amendments to the Fiscal Code (I)

The Government Ordinance no. 125/2011 amending the Law 571/2003 regarding the Fiscal Code was published in the Romanian Official Gazette no. 938/30.12.2011.

Considering the multitude and importance of the changes, hereinafter we present those related to profit tax, VAT and local taxes. We will inform you shortly about the amendments brought in the income tax and excise duties areas.

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08 Feb 2012

TAX NEWS No. 1: Annual corporate income tax return for FY 2011

This ordinance stipulates, among other provisons, the change of the deadline for submitting the annual corporate income tax return for FY 2011 (Form 101). Thus, the deadline for submitting the corporate income tax return is 25 March 2012, except for non-profit organisations and taxpayers who obtain revenues mainly from cereal crops and growing of technical plants, who are obliged to submit the annual corporate income tax return for FY 2011 no latter than 25 February 2012 .

We remain at your disposal for any further information you may need. 

 

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17 Jan 2012

NEWSLETTER No.2: New romanian Civil Code

After the publication of the Law no. 71/2011, on the 1st of October 2011, the Law n. 287/2009 regarding the Civil Code entered into force.

Law n. 287/2009 regarding the Civil Code contains three essential categories of provisions: transitory provisions and for the application of the code, provisions for amendment and completion of the Code and provisions that modify and complete special laws with incidence on the institutions governed by the New Civil Code.

The institutions are both the ones initially regulated by the Old Civil Code and new institutions which were created and introduced through the present normative act.

 

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10 Jan 2012

NEWSLETTER No. 1: Legal amendments – Informative statement on deliveries/ supplies and acquisitions made within the national territory – Statement no. 394

It was published in the Romanian Official Gazette no. 927/28.12.2011 the Order of National Agency of Fiscal Administration no. 3596/2011 on the declaration of deliveries/supplies and acquisitions made within the national territory by the companies registered for VAT purposes and for approving the form and content of the informative statement on deliveries/ supplies and acquisitions made within the national territory by the companies registered for VAT purposes (statement 394).

Please see below the amendments brought by the NAFA Order no. 3596/2011.

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23 Dec 2011

NEWSLETTER No. 10: Criteria for VAT purposes registration

It was published in the Romanian Official Gazette no. 824/22.11.2011 the Ministry of Finance Order no. 2795/2011 establishing the criteria conditioning the registration for VAT purposes. Its provisions apply starting with 1 December 2011, thus replacing the Order no. 1984/2011, in force until that date.

Please see below the criteria conditioning the registration for VAT purposes applying starting with 1 December 2011

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09 Dec 2011

NEWSLETTER No. 9: Inventory 31.12.2011

According to Accountancy Law 82/1991 and Order 2861/2009, all companies are required to perform general inventory of property at least once a year, usually at the end of the year.

The companies with complex activities may carry out the inventory before the financial year closing, on the condition that the results of the inventory are included in the financial statements of that fiscal year.

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30 Nov 2011

NEWSLETTER No. 8: Amendments of the Fiscal Procedure Code

It was published in the Romanian Official Gazette no. 626/02.09.2011 the Ordinance no. 29/2011 amending and supplementing the Government Ordinance no. 92/2001 regarding the Fiscal Procedure Code.

Please see below the most important changes brought to the Fiscal Procedure Code by this Ordinance. The changes come into force on 17.09.2011, unless another term is expressly stipulated.

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30 Sep 2011

NEWSLETTER No.6: Tax News

The Government Ordinance no. 30/2011 amending Law 571/2003 regarding the Fiscal Code, and the regulation of some financial and tax matters was published in the Romanian Official Gazette no. 627/02.09.2011.

We present below the main amendments that GO 30/2011 brought to the Fiscal Code.

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13 Sep 2011

TAX NEWS No. 3: Tax News

In the Official Gazette no. 626/02.09.2011 was published the Government Ordinance no. 29 for the amendment and supplement of the Fiscal Procedure Code and in the Official Gazette no. 627/02.09.20 was published the Government Ordinance no.30 amending and supplementing the Fiscal Code.

The deadline for submitting the recapitulative statement 390 changes and becomes the 25th of the next month (previously was 15th).

This provision applies starting with the recapitulative statement for the month of August 2011.

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07 Jul 2011

NEWSLETTER No.5: Half-year Financial Statement: 30 June 2011

We remind you the obligation to submit the Half-year Financial Statements as of 30 June 2011. 

As an exception, starting with 1st of January 2011, the legal entities that in the previous year realized a turnover under the limit of 35.000 euro are no longer required to submit the half-year Financial Statements. 

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09 Jun 2011

TAX NEWS No. 2: Tax exemption in Romania of dividend, interest and royalty payments

For applying the exemption, the Romanian legal person should be also liable to pay profit tax without the possibility of an option or exemption and should be organized as joint stock company (SA), partnership limited by shares company (SCA) or limited liability company (SRL).

In order to obtain the tax exemption, the beneficial owner of dividends, interest or royalties should provide the tax residence certificate and the statement confirming the conditions mentioned above. The statement will be prepared for each contract for which the payment is made.

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01 Jun 2011

NEWSLETTER No. 4: Tax news - VAT

In the Official Gazette no. 381/31.05.2011 it was published the Emergency Ordinance no. 49/2011 amending and supplementing Law no. 571/2003 regarding the Fiscal Code and introducing other financial-fiscal measures.

The Emergency Ordinance implements the application of simplification measures for the supply of cereals and industrial plants.

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24 May 2011

NEWSLETTER No.3: Tax news – environmental fund

In the Official Gazette no. 196/22.03.2011 it was published the Order no. 1032/2011 amending Order no.  578/2006 approving the computation methodology of contributions and taxes due to the Environment Fund. 

In addition to the current obligations regarding the management of packaging and packaging waste, to recycle the packaging waste either individually or through an authorised economic operator, new obligations were introduced for economic operators and additional clarifications were brought.

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16 May 2011

NEWSLETTER No.2: Tax news

The Government Emergency Ordinance no. 35/2011 published in the Official Gazette no. 253/11.04.2011 amended the Fiscal Procedural Code.

Among the main amendments brought we mention the reintroduction of the taxation of microenterprises depending on the revenues obtained, on which you have been informed in detail in our Newsletter no. 1, as well as the clarifications on the computation and declaration of the profit tax due for 2010.

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13 Jan 2011

TAX NEWS No. 1: Fiscal News

In Official Gazette no.897/31.12.2010 it was published the Government Decision no.1397 regarding the form, content and procedure to submit the Statement for income tax, social contributions and nominal records of insured persons.

It is introduced Statement 112 for income tax, social contributions and nominal records of insured persons. The taxable persons have the obligation to submit statement 112 by electronic means (online), via portal e-Romania.

We remain at your disposal for any questions you might have.

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