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Starting with 2017 a series of legislative changes will take place. Some are applicable from the 1st of January, the others from the 1st of February. We have grouped them in several main categories:
The corporate income tax:
- The taxpayers engaged exclusively in innovation, research and development activities will be exempted from profit tax in the first 10 years of service;
- Will be extended the deadline for the tax exemption regarding reinvested profit in technological equipment, computers, electronics and peripheral equipment, and also software.
The income tax for microcompanies read more»
The changes in the New Fiscal Code are making 2016 the best year for withdrawing dividends. The dividend tax was reduced from 16% to 5%. It is possible to benefit of this opportunity only in 2016.
If you haven`t already did it, you can still benefit from this tax relief only in December this year.
The only condition that must be fulfilled in order to pay only taxes rate of 5% is that the shareholder must obtain also other income for which he already pays the health insurance contribution. Therefore: read more»
The new Fiscal Code, adopted in September 2015, brings various of changes, applicable from different data. We will briefly describe below the changes that will be effetive starting with 2016.
Changes in the VAT
Standard rate of VAT for all goods and services will be reduced from 24% to 19% in two steps: starting from 2016 from 24% to 20% and starting with the 1st of January 2017 will be reduced to 19%.
For the delivery of school textbooks, books, newspapers and magazines, except those intended exclusively or mainly for advertising as well as for the service consisting in allowing acces to the castles, museums, memorial houses, historical monuments, monuments of architecture and monuments of archeology, zoological and botanical gardens, fairs and exhibitions and cultural events, sporting events, cinemas, other than those without the right to deduction it will be applied the reduced rate of VAT to 5%. read more»
This is the time when we all are making plans for the New Year Eve, but did we properly budgeted expenditures for 2016?
And to do this, I propose you to review together the main changes of the new Tax Code and also the new provisions of the Ordinance 50/27.10.2015.
From a first look it's noted that in 2016 the most vulnerable are individuals who are self-employed or freelancers, and the Fiscal Procedure Code is not meant to solve what really hurts, namely: the introduction of rules and procedural limitations about duration and conduct unannounced checks and anti-fraud, or the removal of the effects on third parties resulting from the declaration as being inactive of a taxpayer. read more»
As it was already announced, starting with the year 2016, the Tax Code will have some changes. Some of them have a direct impact on employees. An amendment provides that the tickets gift in the value of maximum of 150 lei, will no longer be taxed starting with 2016. Another change is linked to the personal deductions. read more»
The competition is unfair when the activity of a trader is achieved by the use of illegal procedures, contrary to commercial usage.
The methods which characterize unfair competition are multiple. Wheter they are acts or deeds contrary to the law and honest practices, they can be grouped into crimes, contraventions and/or civil wrongs.
“Exceptional offer, for only 24 hours!” or “Buy two products and you will receive one for free”. Every day we are bombarded by such messages trough written media, television, radio, on the street or subway, each one trying to make our lives easier, proposing best product or service. There is a whole industry of techniques for promoting and selling products with hundreds of specialized books and courses, which are trying to find the best way to reach consumers, many times through practices that are not the most fair.
The law analyzes two kinds of unfair commercial practices: read more»
At the beginning of 2013 Romania introduced the VAT payment system at collection. A system that led to multiple controversy and, although it is based on a healthy fiscal philosophy, it was implemented with multiple gaps.
But 2014 starts with good news. According to the GO 111/2013 was instituted the option of VAT collection application for taxpayers whose yearly turnover does not exceed 2,250,000 lei in the previous calendar year.
In other words, VAT collection system is not mandatory anymore, it becomes optional, leaving eligible taxpayers to decide whether to apply or not based their economic particularities.
Therefore, taxable persons on January 1, 2014 who already apply VAT collection system will proceed as follows: read more»
The beginning of 2014 brings a set of legislative changes in the tax area. The vast majority has been announced at the end of the last year, so there are few who know these modifications and the fact that they will take effect from January 2014.
Among these changes, we are listing here below the ones with impact in the field of labor and social protection: read more»
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 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