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Legal & Fiscal

New VAT payment system starting with January 2013

According to Government Decision 15/2012 for modifying the Law 571/2003 regarding the Fiscal Code for 2013, the taxpayers with tax residence in Romania and whose revenue during October 1st 2011 – September 30th 2012, does not exceed 2.250.000 RON will be applying the VAT charge on cashed-in system starting January 1st 2013.

In order to comply with these provisions, the taxpayer who is pass to the new system is responsible for submitting, before October 25th, a written notification to prove that revenue during October 1st 2011 – September 30th 2012 (inclusive) did not exceed the 2.250.000 RON limit.

  • VAT on cash system does not apply to taxpayers that are part of a single fiscal group.
  • VAT on cash system applies only to transactions where goods or services are in Romania.

Transations which are not affected by the new system 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»

The term for submitting annual financial statements (D 101) has been altered

Every beginning of the year comes with a series of questions regarding the reporting of the financial situation of the last year. In the following article, we will try to give an answer to some of the frequently asked questions on this matter, with reference to the 2011 financial year.

When do we submit Declaration 101 in 2012?

According to Ordonance nr. 2/25th of January 2012 regarding modification and completion of OG 92/2003 regarding Fiscal Procedure Code, annual declaration of income tax (tax on profit) for 2011 will be submitted, with the proper authorities, until March 25th, except non-profit organizations and companies with their majority of income based on cereal culture and technical plants, tree and vine farming, which submit their form up to 25th of february 2012. read more»

Mediation and work placement abroad

People who choose to work abroad usually use the services of companies that provide mediation services and job placement abroad, as they have don’t have a firm offer of work abroad or may not relate directly to potential employers abroad.

In Romania, private activity of mediation and work placement abroad is strictly regulated by law and companies that provide mediation services must meet certain conditions to carry out this work, namely: read more»

The return to microcompanies

On 30th of December 2010 the Romanian Government introduced through the O.U. no. 117/2010 the possibility to return to the status of microcompany.

In the understanding of this ordinance, the microcompany is a legal entity that at 31st of December 2010 meets ALL the following conditions:

  1. has incomes other than those obtained from banking, insurance, reinsurance, capital markets (except the intermediary in these areas), gambling, consultancy and management.
  2. has minimum 1 and maximum 9 employees
  3. achieved revenues that did not exceed the equivalent in lei of 100.000 EUR
  4. the registered capital is held by persons, other than state and local authorities

On 30th of December 2010 the Romanian Government introduced through the O.U. no. 117/2010 the possibility to return to the status of microcompany. read more»

Gross minimum salary was changed from 1st of January 2011

Starting with 1st of January 2011 the minimum gross salary guaranteed payment is set at 670 lei per month according to H.G. 11931/2010, compared with 600 lei as it was at the end of 2010.

The amount of 670 lei is set for a full-time working schedule of 170 hours per month, representing 3.94 lei/hour. The staff compliance with a salary below the minimum gross salary is considered to be a contravention and is punishable by law with a fine of 1.000 lei up to 2.000 lei.

Therefore according with the new provisions, the minimum gross salary is 670 lei for an unqualified worker, a minimum gross salary of 804 lei for a qualified worker, and for the personnel employed in positions that require higher education will be of 1340 lei.

The H.G. 1193/2010 that enables the minimum gross salary guaranteed payment was published in the Official Gazette, Part I no. 824 from 9 December 2010.

The main legislative changes in fiscal domain for 2011

During the last days of 2010, were published in the Official Gazette 891/30.12.2010 important changes of the Fiscal Code and of the Regulations for the application of the Fiscal Code, but also of the social insurance legislation and the Fiscal Procedure Code. The governmental decree that stipulates these changes is OUG 117 for the amendment and completition of Law no. 571/2003 regarding the Fiscal Code and reglementation of some financial and fiscal measures.

Amendments to the Fiscal Code relates primarily to: tax, income tax on small companies, VAT, income tax, excise duties, social contributions. Here are the main changes occurring in each of these areas: read more»

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»

Amendments to the Fiscal Code startig with July 1st 2010

Starting July 1st 2010, new tax and fiscal regulations are applied in Romania, due to the Emergency Ordinance 58 from June 26th 2010, that will affect all sectors of the national economy.

We briefly present the changes brought by this ordinance:

Profit Tax

Article 32 of the Fiscal Code is amended and has the following content:

“Art.32 Any loss realized by permanent headquarters situated in other states other than Member States of the European Union / European Association of Free Trade or which are located in a state with which Romania has concluded a double taxation convention is deductible only from the income earned by that permanent headquarters. read more»

New rules for the activity of the Romanian Trade Registry 

Government's Emergency Ordinance no. 54/23.06.2010 brings news also related to the acti vity of the Trade Registry. It amendes other regulations, among which the Law 31/1990 on copanies, republished in the Official Gazette, Part I, no. 1066 from November 17th, 2004, which is modified and completed as it follows: read more»

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