Tax Flash

(P) Tax Flash: Amendments to the requirements provided for VAT registration

Order No. 518 / 2012, published in Official Gazette No. 264 / 23 April 2012) The Order amends the requirements of VAT registration for Romanian legal entities, except joint stock companies and partnerships limited by shares. According to the new provisions, shareholders of a taxable entity requesting VAT registration, regardless of their shareholding, are required [...]

Published by on April 27, 2012 1:51 pm

(P) Tax Flash: Threshold for VAT exemptions in Romania

Council Decision authorising Romania to increase the threshold for the special VAT exemption regime for small enterprises to EUR 65,000 Based on this Council Decision (“the Decision”), Romania is authorised to increase the threshold for applying the special VAT exemption regime for small businesses at EUR 65,000. The equivalent in national currency will be computed [...]

Published by on April 4, 2012 12:44 pm

(P) Tax Flash: Potential 50% limitation of VAT deduction for hire or leasing of motorized road vehicles

Potential 50% limitation of the VAT deduction right related to the hire or leasing of motorized road vehicles Based on this proposal for a Council Decision (“the Proposal”), Romania would be allowed to limit at 50% the right to deduct the VAT on the domestic and intra-Community acquisitions, importation, hire or leasing of qualifying motorised [...]

Published by on March 5, 2012 5:19 pm

(P) Tax Flash: Amendments to the Fiscal Procedure Code in Romania

Ordinance no. 2 / 2012 published in the Official Gazette no. 71 / 30 January 2012 The Ordinance brings a series of amendments and completions to Government Ordinance No. 92/2003 regarding the Fiscal Procedure Code, as subsequently amended and completed. One of the most important information in the Ordinance, which, however, does not change the [...]

Published by on February 15, 2012 8:02 pm

(P) Tax Flash: Conditions and procedure of authorizing temporary-work agency

  Government Decision on the conditions for authorization and functioning of the temporary-work agency Government Decision No. 1256/2011 on functioning conditions and the procedure for authorizing the temporary-work agency was recently published in Official Gazette No. 5/04.01.2012 ( “Decision”). The Decision comes into force within 30 days of its publication in the Official Gazette and [...]

Published by on January 24, 2012 4:56 pm

(P) Tax Flash: Amendments to the Fiscal Code in Romania

(Emergency ordinance No. 125 / 2011 amending Law 571/2003 on the Fiscal Code, published in Official Gazette No. 938 / 30 December 2011) The Emergency ordinance enters into force from 1 January 2012 with certain exceptions. The main amendments to the Fiscal Code include the following: Definitions Fiscal value New provisions have been introduced regarding the [...]

Published by on January 9, 2012 4:56 pm

(P) Tax Flash: New provisions regarding Informative statement for supplies and acquisitions of goods/services in Romania

New provisions regarding Informative statement for supplies and acquisitions of goods/services performed on the Romanian territory (“394 Form”) (Order no. 3596/2011, published in the Official Gazette no. 927 / 28 December 2011) The Order approves the model and the content of Form 394: ”Informative statement regarding the supplies and acquisitions performed on the national territory [...]

Published by on January 9, 2012 4:39 pm

(P) Tax Flash: Regulation on issue of green certificates in Romania

ANRE Order no. 43/2011 approving the Regulation on issue of green certificates (GC) – published in the Official Gazette no. 768/1 November 2011 – “the Regulation”) The Regulation lays down the rules and procedures for the issue by GC to E-RES producers. Below are the main provisions of the Regulation. Purpose The purpose of the Regulation [...]

Published by on November 22, 2011 5:49 pm

(P) Tax Flash: assignment of receivables by medical services, drugs and medical equipment providers in public health insurance system

Order no 819/2011 issued by the President of the National Health Insurance House on approval of assignment of receivables by medical services, drugs and medical equipment providers in the public health insurance system Order no 819/2011 (the “Order”) completes the provisions of GEO no 146/2002, amended, on establishment and utilization of cash flow through State [...]

Published by on November 13, 2011 9:31 pm

(P) Tax Flash: Changes to promotion system for the production of energy from renewable energy sources

Changes to Law no. 220/2008 on the establishment of the promotion system for the production of energy from renewable energy sources (“E-RES”) (Emergency Ordinance no. 88/2011 regarding the amendment of Law 220/2008 regarding the establishment of the promotion system for the production of energy from renewable energy sources – published in the Official Gazette no. [...]

Published by on October 30, 2011 4:33 pm

(P) Tax Flash: Fiscal incentives in Romania

(Order no. 2604/2011, published in the Official Gazette no. 707/ 6 October 2011) The Order completes the provisions of art. XI from the Government Ordinance no. 30/2011 regarding the fiscal incentives granted for the outstanding tax liabilities as of 31 August 2011. Clarifications are brought regarding the definition of principal tax liabilities outstanding as of 31 [...]

Published by on October 11, 2011 6:36 pm

(P) Tax Flash: Amendments to the Fiscal Code in Romania

(Ordinance 30/2011 regarding the amending of Law 571/2003 regarding the Fiscal Code published in the Official Gazette no. 627/2 September 2011) The current Ordinance enters into force starting with 1 January 2012, with certain exceptions highlighted below.The main amendments refer inter-alia to the following: I. Registration requirement The obligation to register with the tax authorities of [...]

Published by on September 20, 2011 10:18 am

(P) Tax Flash: Fiscal Procedure Code amendments in Romania

Amendments to the Fiscal Procedure Code (Ordinance 29/31 August 2011 published in the Official Gazette no. 626/2 September 2011) The current Ordinance enters into force within 15 days from the date it was published in the Official Gazette, with certain exceptions highlighted below. The current Tax alert provides the main amendments brought to the Fiscal [...]

Published by on September 19, 2011 2:59 pm

(P) Tax Flash: Potential amendments to the Fiscal Procedure Code in Romania

Potential amendments to the Fiscal Procedure Code (Draft Ordinance regarding the amending of the Government Ordinance 92/2003 regarding the Fiscal Procedure Code published on the website of the Ministry of Public Finance (www.mfinante.ro)) The main amendments refer inter-alia to the following: Advanced tax ruling The deadline for the issuance of an advanced tax ruling is [...]

Published by on September 1, 2011 5:24 pm

(P) Tax Flash: VAT, human capital, customs, state aid, accounting system, fiscal procedure code in Romania

Legislative summary, July 2011 VAT VAT exemptions (Order no. 2230/2011, published in the Official Gazette no. 498/13 July 2011) The Order brings certain amendments regarding the documents needed for the application of the VAT exemption for the export of goods and work on movable goods which subsequently are transported outside the Community. Moreover, in case [...]

Published by on August 25, 2011 12:41 pm

(P) Tax Flash: Human capital alert- Legislation regarding foreign citizens regime in Romania

Law 157/2011 amending and completing the legislation regarding foreign citizens regime in Romania, (published in the Official Gazette no. 533/28 July 2011) The Law entered into force on 31 July 2011, amending the following acts: – GEO 194/2002 on the status of foreign citizens in Romania, – GEO 56/2007 on the employment and posting of foreign citizens [...]

Published by on August 18, 2011 3:47 pm

(P) Tax Flash: The simplified accounting system in Romania

(The Order of the Minister of Public Finances no. 2239/30 June 2011 for the approval of the simplified accounting system – published in the Official Gazette no. 522/25 July 2011) According to the provisions of the Accountancy Law no. 82/1991, the entities that have recorded in the previous financial year a net turnover as well [...]

Published by on August 5, 2011 5:25 pm

(P) Tax Flash: Accounting reporting system in Romania

Order of the Minister of Public Finances no. 2234/2011 regarding the approval of the Accounting reporting system as at 30 June 2011 for the economic operators The Accounting reporting system as at 30 June 2011 is applicable to the entities subject to the Accounting regulations conformant with the Fourth Directive of the European Economic Communities, [...]

Published by on July 2, 2011 4:01 pm

(P) Tax Flash: VAT simplification measures in Romania

VAT simplification measures (Government Emergency Ordinance no. 49/2011, published in the Official Gazette no. 381 / 31 May 2011) The Government Emergency Ordinance (GEO) introduces VAT simplification measures applicable to supplies of cereals and technical crops specifically mentioned in the combined nomenclature established through the CEE Regulation no. 2,658/87. Thus, for the supply of the [...]

Published by on June 2, 2011 3:59 pm

(P) Tax Flash: VAT registration procedure in Romania

Procedure for registration for VAT purposes of taxable persons (Order no. 1984/2011, published in the Official Gazette no. 361/24 May 2011) The Order establishes the criteria conditioning the registration for VAT purposes. Taxable persons which are set-up according to Company Law no. 31/1990, republished, with subsequent changes, and which are subject to registration at the Trade [...]

Published by on May 1, 2011 3:56 pm

(P) Tax Flash: Accountancy Law amendments in Romania

Emergency Ordinance no.37/13 April 2011 amending and completing the Accountancy Law no. 82/1991 and amending other related legislative regulations – published in the Official Gazette no. 285/22 April 2011 The amendments to the Accountancy Law include, inter alia, the following: The categories of entities that are subject to the Accounting Law are amended with collective [...]

Published by on April 15, 2011 3:52 pm

(P) Tax Flash: Certification of annual tax returns by a tax consultant in Romania, suspended

Emergency Ordinance no. 35/2011, published in the Official Gazette no. 253 / 11 April 2011 The Emergency Ordinance (EO) suspends the provision of article 83, paragraph (5) of the Romanian Fiscal Procedure Code referring to the certification by a tax consultant of the annual tax returns of corporate taxpayers, except for those subject to compulsory [...]

Published by on April 1, 2011 3:50 pm

(P) Tax Flash: Rescheduling payments of due taxes in Romania; amendments on computing Environmental Fund taxes

Government Emergency Ordinance no. 29/2011, published in the Official Gazette no. 200/22 March 2011 The Government Emergency Ordinance (GEO) introduces the possibility to reschedule in certain conditions the payment of tax liabilities (of individuals or legal persons) which are administered by the National Agency for Tax Administration. The rescheduling of outstanding tax liabilities may be [...]

Published by on March 15, 2011 3:46 pm

(P) Tax Flash: Fiscal Code and gambling activities law application norms in Romania

Norms for the application of the Fiscal Code (Government Decision no. 150 / 2011, published in the Official Gazette no. 150 / 1 March 2011) The Government Decision (GD) contains amendments regarding profits tax, personal income tax, mandatory social contributions, tax on income of microenterprises, withholding tax, VAT and excise duties. Also, the GD amends [...]

Published by on March 1, 2011 3:39 pm

(P) Tax Flash: Amendements to accounting legislation in Romania

(Order modifying and completing the Order 53/25/2011 and Order approving the format and the content of various statements mentioned under Title III of Law 571/2003 regarding the Fiscal Code) 1. Order modifying and completing the Joint Order 53/25/2011 of the Health Minister and of the National Health Insurance House for approving the format and content [...]

Published by on February 9, 2011 3:25 pm
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