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Legal & Fiscal

Uncertainty regarding the tax rate for micro-enterprises in 2010

The Government Ordinance amending the Tax Code which will apply from January 1, 2010 has been adopted and does not contain any provision on the reduced tax of 3%.

According to the Tax Code for 2010, published by the National Tax Administration Agency, micro-enterprises will pay from January 1, 2010 an income or profit tax of 16%, as the reduced income tax of 3% applies only until 31 December 2009, as indicated in the Article 107 of the Tax Code:

“The tax rate on micro-enterprise's income is 2% in 2007, 2.5% in 2008, 3% in 2009”.

The Finance Ministry has expressed its intention of not changing the tax rate of 3% for micro-enterprises, with the possibility of extending its application for a further year. These are only expressed opinions, as there is no legislation in this regard till today.

If this tax rate will disappear, all the advantages that firms bearing the status of micro-enterprises benefited from, will be abolished from 2010. read more»

What news brings us the Fiscal Code in 2010?

2010 is preparing us a series of new amendments to the Tax Code. In addition to those which are still in the planning phase or in the center of public debate, there are some changes that have already become certainties, since they were already published in a legal document, the Ordinance 109 of October 7, 2009 published in Official Gazette no. 689 of 13.10.2009.

The main amendments of the Fiscal Code refers to the place of delivery for services and the finalcial summary statement. Thus, the Ordinance 109 of 07/10/2009 amended Article 133 of the Tax Code, regarding the place of delivery for services.

If until now the place of delivery for services was considered the place where the supplier is established or has fixed office from which services are delivered, once with the amendments of the Ordinance 109 of 2009, under Article 133 paragraph 2), the place of delivery for services became the place where the person that receives the services has the business office. read more»

December 25 – the date when Romanians will be able to pay the taxes online

The portal e-Romania will be launched on December 25th with the first ten services. So whether you must pay a tax on a good or a fine, starting with this date you can do it directly on internet, saving any unnecessary travels or lossing time staying at the endless queues.

Later on, the portal will cover other areas such as education, health and culture.

A better news is coming, but for legal entities: within maximum 89 days, all companies will be able to present the balance sheets and pay all the fees online.

According with the World Bank, Romania has currently one of the most bureaucratic tax administrations in the world.

If on December 25 the portal will be really launched , then we could say that we are witnessing a great step that Romania is doing towards information technology and, implicitly, to improve the communication between the State and its custumers, the taxpayers.

Bulgaria – now even easier to start-up a business!

Bulgaria is trying to become more and more attractive for investors. One of the most recent changes in the Bulgarian legislation, voted on 02.10.2009 decreased the minimum start-up capital for the limited liability companies from BGN 5000 to BGN 2, a symbolic amount, representing the equivalent of 1 euro.

By applying this measure it’s considered that the level of entrepreneurship in Bulgaria will increase. The Bulgarian Government is aiming to stimulate young people's wish and desire to become entrepreneurs, considering that “entrepreneurs who are capable of an idea to make a successful business are the lifeblood of any economy and a key factor in creating jobs, growth and competitiveness of the economy”.

The principle of "Think Small First" is recommended also by the European Commission to member states to adjust local legislation in order to minimize administrative barriers to small businesses and create favorable conditions for its emergence and development.

The meal ticket - 8.72 lei starting with September 2009

Meal tickets can be offered to employees by any kind of company, they are tax deductible and exempt from taxes and social charges.

If so far, including the month of August 2009, in Romania the value of a meal ticket was 8.48 lei/month, starting with September 2009, a ticket will have the value of 8.72 lei.

In the Official Gazette nr.547 from the 6th of August 2009, was published the Order of the Ministry of Labour, Family and Social Protection (MMFPS) no. 1.444/2009 for establishing the nominal value of a ticket for the second half of 2009, which approves the new value of the ticket since September 1, 2009.

It is good to know that the law 142/1998 who regulates the meal tickets regime provides the twice a year indexation of the value of these vouchers. The nominal value of the meal tickets is indexed every six months with the consumer price index of alimentary goods.

The Companies may now request to postpone the payment of the taxes and social charges

The Romanian Government published on 23rd of July 2009 the implementing rules of the Emergency Ordinance 92/1009 for postponing the payment of unpaid tax obligations on time, due to the effects of economic and financial crisis, determining the framework within which companies may benefit from delaying the payment of the taxes. The provisions of GEO no. 92/2009 shall apply until 30rd of June 2010.

The legal provisions refer to the payment of the tax obligations administered by ANAF: taxes, fees, contributions and other amounts due to general budget, and increases for the delay in respect thereof.

Conditions for the benefit of payment postponing

To qualify for postponing the payment of the taxes, taxpayers must fulfil the following cumulative conditions: read more»

During the technical unemployment employers and employees are exempt from payment of taxes and contributions to the state budget

Technical unemployment was until recently a concept included in the Romanian Labor Code. After various legislative changes, however, the term "technical unemployment'' was removed, and his place was taken by the expressions "suspension of employment” or “a temporary interruption of employment”. However, in common language, the phrase" technical unemployment" is still used when we want to refer to such interruption or temporary suspension of employment contracts.

Regarding the payment of salaries and social contributions during such period, the Government is trying to help the employers in this period, through the Emergency Ordinance no. 28/2009 published in 25 March 2009: read more»

The receipts with value of less than 100 lei are still tax deductible?

The Governmental Ordinance no. 105/2009 repealed the provisions of Governmental Ordinance no 831/1997 in order to approve the common patterns forms for the financial and accounting activities and for the regulations concerning the way to prepare and use these forms.

Under the new regulations, the companies should consider the fact that the tax receipts issued with electronic tax devices under the Emergency Ordinance 28/1999 are documents that prove the payment and need to be attached to the cash flow register.

Introducing in the accountancy the purchased goods or the expenses made by companies and paid based on tax receipt (cash or card), is possible only if:

  1. the company requires an invoice for delivered goods or for the carried out services, having in annex the tax receipts issued by the electronic tax device
  2. or read more»

New taxes and less deductibilities – the latest amendments of the Romanian Fiscal Code

Starting with 1st of May 2009 a few important changes of the Romanian Fiscal Code became effective, through the Emergency Ordinance 34/2009. We present below the most important elements that have been changed.

Introduction of the lump tax rate

One of the main news brought by the Emergency Ordinance 34/2009 is reffering to the introduction of a new type of taxing, the lump tax rate.

In this respect, was introduced for the Romanian legal entities, payers of the taxable profit, the compulsoriness to determine the quarterly tax by comparing the quarterly income tax with the minimum quarterly lump tax rate and the income payment at the higher amount.

To apply the lump tax rate, the amounts corresponding to the minimum tax, determined according to total income registered on December 31st 2008, are: read more»

Romanian companies that import or export goods are required to obtain code EORI

Starting with the 1st of July 2009, all the companies who are trading within the European Union will have to obtain an unique code for customs operations, called the EORI code.

The legal provisions that define the EORI code are contained in Regulation (EC) no. 312-2009 and are part of the stipulations of the Council establishing the Community Customs Code, published in EU’s Official Journal no. L 98 dated 17 April 2009.

The procedure for obtaining this code in Romania is regulated by the Order of the President of the National Agency for Tax Administration no. 691/2009 for the approval of the Technical Norms regarding the registration and identification of economic operators in Romania. read more»

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