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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»

Otilia Gal takes over the Financial Manager position within Ascent Group

The midsummer of 2012 marked a change in the management of Ascent Group. Thus, with the 1st of July, the new financial manager of Ascent Group is Otilia Gal.

Otilia is an alumni of the Faculty of Economics from the University of Timisoara. Over the years she enriched her knowledge by attending numerous courses and specializations in finance and accounting.

Professionally, Otilia has 10 years of experience in finance, both within multinational companies and local companies.

During the last four years Otilia has held the position of financial advisor in the Arad office of Ascent Group Arad, and since the 1st of July 2012 she became the financial manager of Ascent Group.

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»

Development of selling skills – open training Arad

2012-09-06 09:00
2012-09-07 17:00
Europe/Bucharest

What changes are needed in sales technique to differentiate and highlight yourself in the multitude of offers? How to sell in the new context, in order to convince?

What changes are needed in sales technique to differentiate and highlight yourself in the multitude of offers? How to sell in the new context, in order to convince?

What changes are needed in sales technique to differentiate and highlight yourself in the multitude of offers? How to sell in the new context, in order to convince?

What changes are needed in sales technique to differentiate and highlight yourself in the multitude of offers? How to sell in the new context, in order to convince? read more»

Legal days-off in 2012 in Romania

According to art. 134 of the Labour Code, actualised in 2011 with the Law 40/2011, in Romania the legal non-working days are:

  • 1-2 January, New Year
  • 1st and 2nd day of Easter
  • 1st of May, international worker`s day
  • 1st and 2nd day of Whitsuntide, 3-4th of June
  • Assumption Day, 15th of August
  • 1st of December, National Day of Romania
  • 1st and 2nd day of Christms, 25-26 December

The people who belong to different religions than the Orthodox one have the right to take two days off for every one of the three annual religious holidays, declared so by the legal religious cults.

More additional proposals for days-off have been made: 24th of January, 10th of May or 30th of November, but these haven`t been aproved yet, still having the project status. Therefore, these days are not presently acknowledged as legal holidays.

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»

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!

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»

Your Best Tuesday - dialogue with Adela Cristea

2011-03-01 18:30
Europe/Bucharest

Business-Edu organizes on Tuesday, 1st of March, another event from the “Your Best Tuesday!” series - the place where we have the opportunity to debate with our friends the problems of the universe that we live in.

This time the topic will be “The Challenge of Enterpreneurship”

Some of the issues that we want to address are: 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»

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