Ascent GroupAscent Group
Ascent Group. Business Consulting

Business opportunities: Serbia, Bulgaria, Hungary, Republic of Moldova

2010-09-16 11:00
2010-09-16 13:00
Europe/Bucharest

Preamble

Globalization. International business relationships. Economic crisis! Their effects obliges us to reconsider our activities and take decisions: to cut budgets, to dismiss employees or even to close offices and branches, but also to consider strategies that help us grow our company, looking to new markets and new investment opportunities.

Why this project? 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»

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»

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»

Beginning with August 1st 2010, the Register of Intra Community Operators is being set up

On June 23rd 2010, the Emergency Ordinance no 54/2010 has been adopted, stipulating some measures to fight against tax evasion, ordinance that brings amendments to the Fiscal Code in force. The Ordinance was published in the Official Gazette no. 421 of June 23rd, 2010.

The stated purpose for these changes is the registration and removal from the taxpayers records of those who are carrying out Intra Community trade particularly Intra Community acquisitions of goods, to reduce tax evasion on VAT.

Thus, beginning with August 1st, 2010, the National Tax Administration Agency sets up and organizes the Register of Intra Community Operators that includes all taxable persons and non-taxable legal entities carrying out intra community operations, such as : read more»

New registered companies don't pay minimum tax in 2010

As by the application rules of the Romanian Tax Code, the companies founded in 2010 pay income tax but do not pay the minimum tax.

This provision is included in art.11^6 of the Implementing Rules of the Tax Code for Article 18:

"11^6. Taxpayers established during the year are not entering under the provisions of Art. 18 para. (2) for the year wehen they are registered at the Trade Registry, but they are required to determine the income tax as by the provisions of Title II "Tax profits" of the Tax Code."

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.

Unemployment rate rising in the region

In the current European context, the evolution of unemployment rate is particularly important for major investments as well as for small and medium sized enterprises. Forecasts are bleak as possible : "I think unemployment rate did not reach yet its highest rate, but this will happen in 2010, in the first or second quarter. I do not think we will reach a rate of 10% but this is my opinion, "said the economist of the World Bank, Catalin Pauna.

Here we are in the second quarter of 2010 and taking into consideration the overview of the first quarter of this year we can say that the forecasts are not far from being fulfilled. If the unemployment rate in Romania for the last quarter of 2009 was 7.5%, in the first quarter of 2010 it reached 8.3% in comparison to 5.6% in the same period of last year.

This applies not only to Romania, the same upward trend being valid for Bulgaria too, another country in the region. read more»

VAT payment after receipt of the amounts

Romanian Senate approved in March 2010 the Law stipulating that corporate taxpayers will have the possibility to pay VAT resulting from the issuing of the invoice to customers within 30 days from receipt of the amounts and not until the 25th of the month following the month in which the invoice was issued.

This amendment is contrary to the European Directive 112/2006, which states as a general rule that the payment liability appears at the time of the delivery of goods, at the date of services provisioning and on the date of receipt of advance payments before delivery or performance.

However, notwithstanding the general rule regarding the generator event and VAT payment, at art. 66 from the European Directive 112, there is stated that EU Member States may stipulate that VAT becomes chargeable for certain transactions or certain categories of taxable persons, the latest at the payment date. read more»

The story of Algeco: how to grow a company in the middle of the crisis?

Romania was fully hit by the global crisis, and construction field was by far one of the most affected areas. However, there is a company that not only survived the crisis but had significant increases in 2009. It's Algeco.

What was Algeco's success in Romania? The increase of turnover with 35% in 2009 compared to 2008 and a doubling of operational profit.

We wonder how it was possible, especially in a year that most companies in this area have dropped dramatically?

And here it is the story of Algeco ...

Algeco Romania is part of Algeco Scotsman, a leading global provider of services, expert in modular space and storage solutions. In other words, Algeco invests in solutions for space, which provides beneficiaries solving an immediate need at the best quality. read more»

Copyright© 2005-2017, Ascent Group. All rights reserved. Powered by: Grafit SRL