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What news brings September 1?

From September 1, 2013 several changes to the Tax Code and its implementing rules shall take effect. Among them, are worth mentioning :

Introduction of the reduced VAT rate TVA of 9% for backery products

This will apply to the following products:

  • all kinds of bread
  • croissants, rolls, sticks, pretzels, minibaghete, batons and braids ;
  • white wheat flour, milled wheat flour, wheat flour and dark rye flour ;
  • triticum spelta and meslin wheat - CN code 1001 99 00, and rye - CN code 1002 90 00

Excise tax will be extended to more products.

New categories of luxury products will be subject of the excise tax, such as: read more»

The minimum wage for 2013 in Romania was changed!

The recently discussed chenges regarding the minimum wage in Romania became a fact. Thus, in the Official Gazette (Part I, no. 52.2013) was published the Decision no. 23/2013, which states the minimum gross base salary guaranteed in Romania.

The new rates are:

  • starting with February 1, 2013, the gross minimum wage is 750 lei per month for a full-time program of 168,667 hours in average per month
  • starting with July 1, 2013, the gross minimum wage is 800 lei per month for a full-time program of 168,667 hours in average per month

Microcompanies. What's new in 2013?

The beginning of the year brought some changes related to the legal and fiscal status of the microcompanies in Romania. Specifically, based on the Government Ordinance no. 8/2013, published in the Official Gazette no. 54 from 23 January 2013, the article 1121, c) of the Fiscal Code was modified, it's new content being: „obtained revenues that do not overcome the amount of 65.000 euro”.

In other words, the 100.000 eur limit for revenues that allowed a company to qualify as microcompany, valid until last year, was reduced to 65.000 euro.  read more»

New changes in the Fiscal Procedure Code

Tuesday, August 28th 2012, the Government Decision no. 16/2012 was published, modifying and completing Government Decision 92/2003 regarding the Fiscal Procedure Code.

Modifications will apply starting August 31st 2012, except dispositions regarding closing of debts (pct. 3), which will apply starting November 1st 2012. 



Most important changes:

 read more»

Ascent Group opens a new office in Sibiu

Ascent Group continues its expansion plans by opening a new office in Romania, in Sibiu.

Ascent Group's office in Sibiu will offer clients all types of services the consulting group Ascent is offering, but also aims to become a catalyst for enhancing business relations between the central part of Romania and other countries in the region.

Not last, Sibiu office aims to provide support to all foreign investors intending to start a business in Transylvania.

The office in Sibiu is the 7th office opened by Ascent Group, after those in Bucharest, Arad, Chisinau, Limassol, Sofia and Belgrade.

The contact details where you can find our new office are:

Ascent Group Sibiu
Revolution street no. 1, apt. 15
Tel: +40 269 211090
fax: +40 269 211722

We look forward to see you in Sibiu!

Starting with October 1st the minimum tax dissapears!

Based on the Romanian Government’s representatives, starting with October 1st, the minimum tax will be eliminated. The minimum tax was introduced at 1st of May 2009, together with other fiscal measures aimed to diminish the effects of the economic crisis, but finally, their effects were exactly the opposite.

As a result of the minimum tax's elimination, the companies will pay between the 1st of October and the 31st of December 2010 the profit tax of 16%.

The last deadline for the minimum tax (the flat tax) will be the 25th of October, for the 3rd quarter of 2010. Starting with the 25th of February 2011, the companies will pay the profit tax for the 4th quarter of 2010, accordingly with the calculation norms existing before the introduction of the minimum tax. read more»

The art of self-distruction!

One year and a half ago the Romanian Government announced the first set of anti-crisis measures. I've considered them wrong and I estimated their effects will be opposite and will deepen the crisis, respectively I wrote several articles about it at that time. read more»

Ascent Group is now on Twitter!

Starting this month you can also follow un on Twitter! Ascent Group's Twitter account is @ascent_eu.

Connect with us and you will receive updated information about legal, fiscal and business environment news, but also information related to the events organised by us or our partners.

We have a Europe. What's next?

The European Union was born from a dream. Those who founded it were people with vision and high ideals, such as Robert Schumman, Kondrad Adenauer, Alcide de Gasperi or Jean Monnet. Their dream was continued by other visionaries: Edward Heath, Francois Mitterrand, Jacques Delors and Helmut Kohl.

The Europe they wanted was a Union of values, a strong area, united in diversity.

Is the Europe today the one they have dreamed to?

Last days news reveals us shocking information. Greece has publicly admitted that they provided false information to the European Union. Bulgaria succeeded in this series of disclosures, recognizing that they also provided false information to the Union regarding the actual level of its budgetary deficit. Certainly, in the coming weeks or months, other countries will be added to this list.

Trust between the Union states began to shake, and availability to offer support between the member states decreased substantially. read more»

Entrepreneur versus manager

articol published in the Consulting Review magazine

One of the latest concepts in business is the "corporate entrepreneurship", i.e. implementing entrepreneurial business practices in the management of major corporations.

What does that mean? Shell we understand that the corporate management model, so much praised in the past 20 years is not really the key to success? Or that all the MBA’s and management, leadership, strategic planning courses, etc... involving managers of corporations do not hold the key to success and do not provide all the answers to the challenges these managers should face?

A year ago I was fortunate to know personally Larry Farrell, the American specialist who created the concept of Corporate Entrepreneurship and the No. 1 worldwide specialist in research and development of entrepreneurial practices. read more»

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