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Tag: Romania

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Articles, Banking and Capital Markets

It was approved the procedure for establishing by default the taxes and contributions with self assessment or withholding regime

The department with responsibilities in the management of tax returns within the fiscal body competent in managing the taxpayer is entitled to set by default the taxes and contributions of self-taxation regime or withholding for the tax obligations contained in the vector for tax purposes. Setting the obligation of payment is made for each tax, […]

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By : Jun 11, 2017 No Comment

Articles, Banking and Capital Markets

New rules issued by ANAF for recalculation of rental income

So, according to the provisions of the Ordinance, in case of termination, during the fiscal year, of the contracts between the parties, for which the determination of the gross income is made based on rent from the contract and in which the rent is the equivalent in lei of an amount in foreign currency, prepayments […]

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By : Jun 11, 2017 No Comment

laptop lawyer property law

Articles, Banking and Capital Markets

The High Court of Cassation and Justice decided that the VAT deduction cannot be made if the invoice does not fulfill all of the form conditions

Thus, through the above-mentioned decision, the High Court of Cassation and Justice has determined that: “The VAT cannot be deducted, nor can the tax base required in determining the income tax cannot be diminished, in case the supporting documents presented do not contain or provide all the information provided by the legal provisions in force, […]

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By : Jun 11, 2017 No Comment

laptop lawyer property law

Articles, Real Estate and Construction

Project of ANCPI on amending the Regulation of registration procedure in the Land Book

The Regulation establishes the working procedures for registration with the Cadastre and Land Registry records of buildings, the endorsement and acceptance of the special works, as well as other specific tasks of the National Agency for Cadastre and Land Registration, following the creation of an integrated informational system of Cadastre and Land Book. According to […]

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By : Jun 11, 2017 No Comment

laptop lawyer property law

Articles, Dispute Resolution

News in foreclosure procedure of large and medium taxpayers

The said order modified the procedure for enforcement of large taxpayers, as follows: “For the recovery of tax debts owed by large taxpayers, legal persons, including for income tax from wages due by large taxpayers and their secondary offices in the enforcement procedure, the coordination of enforcement procedure is carried by the General Directorate of […]

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By : Jun 11, 2017 No Comment

laptop lawyer property law

Articles, Banking and Capital Markets

Bank details about the situation of taxpayers could be transmitted daily to the IRS

Thus, in accordance with Art. 61 of the Project, the credit institutions may be required to submit daily the operations with cash, in local or foreign currency, whose minimum limit represents the equivalent in lei of EUR 5,000, whether the transaction is carried out by one or more operations which seem to have a connection […]

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By : Jun 11, 2017 No Comment

Articles, Banking and Capital Markets

Starting with March 3rd, the banks will be required to display the card transactions fees on the ATM screens

Order came into force and takes effect starting on 03.03.2015. According to the provisions of the Order, payment institutions that provide services of accepting payment through debit cards and credit cards issued in Romania, at the ATM terminals located in Romania, are required to inform consumers of all fees, charges, expenses and any other type […]

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By : Jun 11, 2017 No Comment

laptop lawyer property law

Articles, Corporate Commercial and M&A

Companies may have a new unique identifying code. Law Project amending the laws on registration in the Trade Register

In accordance with the provisions of the respective Project, the National Trade Register Office as well as the County offices will be incorporated in the System of interconnection of Trade registers, which is a European system that will included all Trade registers from the Member States of the European Union. In order for this system […]

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By : Jun 11, 2017 No Comment

laptop lawyer property law

Articles, Banking and Capital Markets

Procedure to manage and monitor the medium taxpayers

Thus, according to the Order, Tax authorities competent to manage medium taxpayers are county government public finance and Bucharest Regional Public Finance by Tax Administration of medium taxpayers, for: legal entities taxpayers who are tax resident in the county or Bucharest jurisdiction, where appropriate; secondary offices set up by medium taxpayers, who are tax resident […]

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By : Jun 11, 2017 No Comment

Articles, Banking and Capital Markets

The Project of the Tax code could reduce the flat tax

Also, taxpayers engaged in night bars, nightclubs, discotheques, casinos or sports betting, including legal entities performing such income under a contract of association, and where the income tax due for activities under this item is lower than 5% from the respective incomes shall be obliged to pay tax at the rate of 5% of these […]

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By : Jun 11, 2017 No Comment