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Bulgaria or Romania? What to choose and why?

Until few years ago, Romania was still full of tourists spending their holidays in Mamaia, Eforie, 1 Mai, and was welcoming them, in the specifically hospitality spirit with inflated prices, lowest quality service and forced smiles. We were enjoying it or, better, we had to enjoy it because we had no choice.

Today, the situation is different. Our Bulgarian neighbors saw that we have a problem and found a very suitable solution to our needs: they learn Romanian language or employed Romanian-speaking Bulgarians, they nicely smiled to foreign investors and now, the majority of Romanian tourists but not only, already changed the itinerary of their holiday to Bulgaria. Who has not heard of Golden Sands, Albena and Balchik? 1-0 for Bulgaria.  read more»

The Annual financial statements for 2009 are submitted only to the Trade Register

In January 28, 2006 was published the Law 441/2006, which amended the Law. 31/1990 on trading companies introducing new measures on the submission of annual financial statements. Although initially the measures should have been applied from January 1st, 2007, its implementation was delayed until January 1, 2010. Thus, since 2010, the annual financial statements and related addendums in Romania will be submitted only to the Trade Register Office.

According to the existing notification on Trade Register's website “annual financial statements for 2009 are submitted only in the county offices of the Trade Register respectively in the Trade Register Office of Bucharest. " read more»

Ascent Group is launching the 2010 training programs

We are în the crisis: crisis of trained people, resource people, talented people.

And we are also in the crisis of people able to identify, develop and keep the resource people in the companies.

Ascent Group is your partner in the process of personal and professional development of your employees, because the continuous personnel development is a need felt by any company especially during the curent economical context.

Ascent Group brings a modern vision into the learning process, by emphasizing the benefits of "learning by doing" through exercises, role-plays and behavioral modeling. Our training programs have an interactive approach, are personalized and addressed to each client’s unique demands, to their visions and organizational objectives. read more»

The Minimum Tax or Lump Tax in 2010. Evolution and Expectations

In 2010, in addition to the minimum tax that has got no economical logic, the tax system for micro-enterprises in Romania was adjusted as well, from an income tax based on applying a rate of 3% on revenue, to the implementation of an income tax with a rate of 16%, even further burdening these enterprises that have been already affected by the global economic crisis.

I believe that eliminating the income taxation of micro-enterprises and keeping the minimum tax which, I repeat, has no economical logic, will substantially contribute to the suspension or closure of many companies and certainly the growth of tax evasion in 2010. read more»

Romania may offer financial support during the crisis

At the end of last year, the European Commission approved a program proposed by Romania which is valid until December 31, 2010 and is expected to offer support to the companies that have financial problems due to the worst conditions of the economic crisis.

The financial support may be granted by the Romanian authorities only to companies that were not în difficulty on July 1, 2008. The companies will receive grants, concessional loans, interest subsidies, guarantees or phasing the claims hold by the state without charging interest.

The top of the most wanted trainings during the crisis

Training was one of the most affected sectors uring the crisis. We all know that training market dramatically decreased last year, due to the "education cost freeze" process in most of the companies.

However, even during the crisis period, some of the topics were highly requested by companies, especially because they respond tu curent needs.

One of the most popular training modules during the crisis, was certainly the one related to entrepreneurship and the ways to use the basics of entrepreneurship in the work activities, dedicated to managers and employees who want to develop their entrepreneurial spirit in their jobs. The difference that this new module is bringing on the Romanian market is encouraging the employees of the companies to build and grow a business and not just to manage it. read more»

New regulations regarding the registration of individual employment contracts

Under current legislation, employers in Romania are required to register the individual employment contracts at Labor Inspectorates within 20 calendar days from their closing and to transmit them to the General Registry of Evidence of Employees within 5 days.

Due to some new regulations, as a measure against tax evasion, the Labor Ministry published the GD. 37/2010 on January 20th, 2010 which states that employers must register in the General Registry of Evidence of Employees the employment contracts and the identification data of employees - name, surname, personal identification number, date of employment, position, type of contract - not later than the previous day of the beginning of work by the employee. The employment contract must be submitted online or presented at the Labor Inspectorate on the same date, the term of 5 days given to employers to communicate this information at the Labor Inspectorates being eliminated. read more»

Starting with January 1, 2010 micro-enterprises no longer exist in Romania

According to the communication of the Ministry of Public Finance of Romania, on January 27, 2010, starting with January 1, 2010, the provisions of Title IV ‘Taxes on the Income of Micro-enterprises ", the application regulations, as well as other provisions incident to this system, are not longer produceing legal effects.

In accordance with the provisions of Art. 107 of Law no. 571/2003 regarding the Fiscal Code, the taxation system for micro-enterprises had a limited application in time, ending on December 31, 2009, by way of regulating tax rates only for the years 2007-2009. read more»

New regulations in the activity of the Romanian Trade Registry

On December 29th, 2009 the Romanian Government issued the Emergency Order number 16 ofor the establishment of new measures for registrations in the Trade Registry, legal provision published in the Official Gazette of Romania no. 926 of December 30rd, 2009.

This emergency ordinance shall enter into force 15 days after its publication in the Official Gazette and applied until the publishing of the regulation of registration made by commercial registers. Within 6 months from the effective date of this Emergency Ordinance, the Government will adopt the proposal of the Ministry of Justice, for the law on the establishment, organization and operation of the profession of commercial registrator.

The legal provision comes as a result of crowded courts with a large number of cases and procedures related to business flow. read more»

How can we use the tax exemption for the reinvested profit?

In the Romanian Official Gazette No.761 of November 9, 2009 was published the Law nr.329 of 05.11.2009 amending the Tax Code with an new Article, namely Article 19.2 paragraph (1) which states a tax exemption on the reinvested profit.

Thus, by law, the profit invested in the production and/or acquisition of equipment (machinery, equipment and work facilities), as stated in subgroup 2.1 of the “Catalogue on classification and normal periods of operating fixed assets, used in order to obtain taxable income” is exempt from tax.

The exemption from tax applies only to assets considered new, by this understanding that they were not used before the publication of these provisions.

Profit invested under Law 329 of November 9, 2009, represents the balance of the profit and loss account, representing the cumulative accounting profit from the beginning of the year and is used within the year when the investment is made. read more»

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