(P) Tax Flash: Accounting reporting system as at 30 June 2012 for the economic operators

(The Order of the Minister of Public Finances no 879/25 June 2012 regarding the approval of the Accounting reporting system as at 30 June 2012 for the economic operators published in the Official Gazette no 427/27.VI.2012) The Accounting reporting system as at 30 June 2012 is applicable to the entities subject to the Accounting regulations conformant with the Fourth Directive of the European Economic Communities, approved by the Order of the minister of public finances no. 3055/2009, which recorded in the previous financial year a turnover exceeding the RON equivalent of EUR 35,000. This threshold is computed using the exchange rate published by the National Bank of Romania, valid at the end date of the previous financial year. The economic operators that did not perform any activities from the date of establishment until 30 June 2012, the ones which were in temporary inactivity during the entire semester I 2012 as well as the legal entities undergoing liquidation, according to the law, do not prepare accounting reports as at 30 June 2012. The Order approves the layout and the preparation norms of the accounting reports as at 30 June 2012 for the economic operators. The accounting reports cover the period 1 January – 30 June 2012, also for the entities that have chosen a financial year different from the calendar year. The accounting reports as at 30 June 2012 shall be filed with the territorial units of the Ministry of Public Finances no later than 16 August 2012. It is introduced the possibility of filing the accounting reports as at 30 June 2012 with the territorial units of the Ministry of Public Finance solely in electronic format on the website www.eguvernare.ro, having attached an extended digital signature. The economic operators provided by the Order no. 2.443/2011 of the Minister of Public Finance concerning the regulation of the procedure for reporting financial-economic indicators by the economic operators reclassified in public administration sector and for reporting of certain financial economic indicators provided in the revenue and expenditure budgets of economic operators owned wholly or with majority by state, with subsequent amendments and completions, shall provide and comply with the requirements of this order. By Venkatesh Srinivasan, Partner – Head of Tax and Legal, Ernst & Young Romania (P) – this article is an advertorial