deAlina Isac October 9, 2008

Contribution rates to social security and unemployment insurance fund will decrease from the 1st of December 2008

According to the state social insurance law for the year 2008, no. 387/2007, contribution rates will change from the months of December this year. The new rates of contribution are as follows:

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Parafiscal taxes were reduced

October 8, 2008Adela Cristea

Parafiscal taxes in Romania were finally reduced. The last “census”, prepared by the World Bank regarding parafiscalty, put Romania on first place in Europe, with a total of 385 parafiscal laws and 278 parafiscal taxes. The number has reduced to 115 at present, after the exclusion from this segment of charges related to both the public domain, as well as the private. The charges that were reduces include incomes from rents, specifications for tenders, but also charges for PhD’s within public and private universities.

Nevertheless, Romania is still among the countries with an excessive parafiscality, the government announcing other measures for the reduction of these fees.


Jordan Sheppard is looking for talents all over the world

October 8, 2008Rainfall

Jordan Sheppard has recently taken part in the renowned International Language Recruitment Fair, in London. The event is known as the biggest and also the most exciting event of its kind and brought together numerous top companies and over 10 000 multilingual professionals. Jordan Sheppard was present at this event trying to identify talented headhunters for its growing international team. Jordan Sheppard is an elite company in the field of human resources services, mainly executive search, who also operates in Romania, through the office opened in Bucharest in November 2007.


News of the autumn…

October 2, 2008Adela Cristea

The summer just passed by, and we all prepare to enter in the autumn.

Autumn always inspires me a few words: plenty, wisdom, fulfillment… Still autumn means the beginning of the school, electoral campaigns, but also the main trends in the economy, those who we will give guidance for the upcoming year.

Therefore, let’s go to review what happened in the end of this summer, but also the main trends revealed by the beginning of the autumn.

Good news comes from the Ministry of Economy, who announce a record of the transitional period, namely: “Romania’s economy grew by 8.6% in the first half of 2008, while the advance of the gross domestic product in the second quarter of the year was almost 9%”.


“Bermuda Triangle” in recruitment

October 2, 2008Rainfall

Why “Bermuda Triangle”? Due to the fact the entire recruitment process is based mainly on working with people. And knowing that we, as human nature, are so unpredictable, here is how a sinuous relation has been created among: candidate – recruiter – client. Since I have been working in this area have heard, seen and lived all kind of both pleasant and less pleasant experiences.

Unfortunately, at the present time many of us realize in a small percentage or at all what our roles in this equation are. From my own experience I can tell you that the recruiter has the toughest role. This one is the “lever” between candidate and employer. Depending on its successes or failures this one could be either congratulated or insulted. This one is responsible for everything that is going on during the entire recruitment process as well as afterwards, during follow-up phase. This one is responsible when a client or candidate is unsatisfied by the choice they made.


Reliana Groza is the new coordinator of the legal department within Ascent Group Arad

September 30, 2008Adela Cristea

Starting with September 2008 Reliana Groza became the coordinator of the legal department of Ascent Group in Arad.

Reliana graduated the Law Faculty within the Western University of Timisoara and a Maser program in Civil Law and Civil Procedure within the Law Faculty of “Vasile Goldiş” University from Arad.

Reliana’s professional experience includes 5 years in legal advising, mainly as legal consultant and arbitral assistant, respectively as coordinator of the legal department of the Commerce Chamber form Arad. Reliana’s experience mainly includes information and documentary activities for legal entities, legal consulting for business start-up’s, respectively commercial arbitration for companies having commercial litigations.


The minimum guaranteed wage could be increased from the 1st of October

September 25, 2008Adela Cristea

In August the Ministry of Labour has launched for public debate the draft of the Government decision which provides the increase of the minimum guaranteed gross wage to 8% from the 1st of October 2008 and 11% from the 1st of January 2009. According to the draft of the resolution, the minimum gross wage guaranteed will be 540 lei per month, between the 1st of October – 31st of December 2008, for a full time working schedule of 170 hours per month, in average, representing a value of 3.176 lei/hour.


Inflation in Romania has reached a maximum of the last 3 years: 9.04%

September 2, 2008Rainfall

The annual inflation rate, targeted by the National Bank increased in July this year to a peak of the last three years, 9.04%, compared with 8.61% in June and 8.46% in May. At the beginning of August the National Bank of Romania also increased the inflation forecast for the end of 2008, from 6% to 6.6%. Initially the proposed target of the National Bank for the inflation in 2008 was 3.8% plus or minus one percentage.


The tax for the re-codification of company’s activities will be eliminated

March 27, 2008Mirela Rosu

Accordingly to a Government decision project, that was deposited for public debate and also published on the website of the Ministry for SME’s, Commerce and Tourism, the tax for updating the activities of the companies (the re-codification) will be abolished.

The Minister Ovidiu Silaghi also declared that the companies who already paid the taxes will not get the money back since the law is not applicable retroactively.


Direct foreign investments in Romania increased in January 2008 with 76%

March 27, 2008Adela Cristea

Direct foreign investments in Romania increased in the first month of 2008 with 76.4% in comparison to January 2007, totalizing 695 million euros, according to the information published by the Central Bank.

The participations at the capital and the reinvested profit represented 45.2% from the direct foreign investments, while the intra-group loans represented 54.8%.

Direct foreign investments in Romania diminished in 2007 with 22.3%, comprising a total of 7069 thousand million euros, respectively these ones covered the deficit of the balance of payment in proportion of 41.9%.


The average hourly cost of the labor increased in Romania with 8.18% in the last semester

March 27, 2008Rainfall

The hourly cost of the labor increased during the last semester of 2007 with 8,18% in comparison to the previous semester, the most significant increases in price being registered in the health area and social assistance, with over 24,5%, as well as in civil engineering, with 12,5%, as announced by the National Institute of Statistics. A slight reduction of 1.13% was registered only in the extractive industry area.

In comparison to the same period of the year 2006, the most important annual increases of the semestrial index of the hourly labor cost are observed in civil engineering (27,59%), in the extractive industry (27,09%) and in transport, depositing and communication departments (24,01%). The most insignificant increase was recorded in Public administration (7.86%), followed by Education (11.15%).


Romania’s Economy might increase with 6% in 2008

March 27, 2008Rainfall

In accordance with the estimations of the members of the Financial Banking Analysts Association from Romania (AAFBR), the country’s economy will raise with almost 6,53% in 2008. They also estimate an appreciation of the national currency at 3.51 lei/euro at the end of 2008.

In keeping with the data furnished by the National Institute of Statistics, Romania’s internal gross product (PIB) increased with 6% in 2007, reaching to 121.3 thousand million euros. Regarding the current banking account deficit, the analysts anticipate a deepening of 14.73% from the internal gross product and that of the budgetary deficit at 2.83% from the PIB.


Reverse taxation simplification

March 27, 2008Alina Isac

Beginning with 2008, and according to the article 160, 2nd paragraph from the Fiscal Code, with the further modifications and addings, the goods and the services for the delivery of which the simplification procedures regarding reverse taxation are applied include:

  1. the offal’s and the secondary raw material, resulted from their capitalization, such as they are defined by the Government’s Urgent Disposition no 16/2001 regarding the administration of the recycling industrial offal’s, republished, with the further modifications.
  2. the goods and/or the performed services by or for the persons for whom the insolvency procedure was started, excepting the goods furnished within the retail trade;
  3. the wooden material, in agreement to the norm stipulations.

In accordance with the point 82 from the Methodological Stipulations:


The registering of the contracts with non-resident suppliers

March 27, 2008Alina Isac

The Official Gazette no 858/2007 published details regarding the procedure of registering of the contracts between Romanian legal entities and foreign legal entities or non resident persons.

This normative document repealed the stipulations of ANAF Disposition no 1.145/2007 emitted in October 2007 and substantially modified the registration procedure of the contracts concluded with non-resident suppliers.

Thus, its important modifications are:


The registering of the contracts with non-resident suppliers

March 27, 2008Alina Isac

The Official Gazette no 858/2007 published details regarding the procedure of registering of the contracts between Romanian legal entities and foreign legal entities or non resident persons.

This normative document repealed the stipulations of ANAF Disposition no 1.145/2007 emitted in October 2007 and substantially modified the registration procedure of the contracts concluded with non-resident suppliers.

Thus, its important modifications are:


Intercollege launches its programs in Romania

March 26, 2008Adela Cristea

Dacă sunteţi preocupaţi serios de cariera dumneavoastră atunci este momentul să faceţi cunoştinţă cu IntercollegIBS. Acum şi în România!

IntercollegeIBS oferă programe academice şi de pregătire profesională, pentru sectorul financiar – bancar şi cel al afacerilor. Absolvirea acestor programe certificate conferă posibilitatea îmbunătăţirii cunoştinţelor, cu strictă aplicabilitate practică. Certificările internaţionale obţinute în urma absolvirii programelor oferite de IntercollegeIBS sunt de cel mai înalt nivel şi se adresează celor care doresc să devină profesionişti de succes.

If you are serious about your career it’s time to meet IntercollegeIBS! Now also in Romania!

IntercollegeIBS offers both academic programs and professional training for the business and financial services sectors. The graduation of these programs provides the opportunity to enhance knowledge and expertise at the postgraduate level. There are first class qualifications for people intending to become successful professionals.


Ascent Group in the News

March 26, 2008Marcel Chiscan

Ascent Group was frequently referred in the news by many prestigious publications over the last month. Evenimentul Zilei publishes under the title: «The March trinket keeps the employee longer at work» the opinion of Oana Mosoiu, HR consultants within Ascent Group, regarding the motivation of the women employees in the companies during the March holidays.

The prestigious magazine Capital, under the signature of Mirona Hriţcu, analyses the expansion phenomenon of Romanian training and recruitment companies within the Central and Eastern European territory. «Romanian recruitment companies in the long run» is an article where, together with other consultants, Adela Cristea is sharing Ascent Group’s experience in regional development.


The taxation for the presents offered to employees was canceled

March 17, 2008Rainfall

After many disputes, the Order 92/2008, issued by the Minister of Labor, Family and Social Equity, Paul Pacuraru, who was modifying the application norms of the Law 19/2000 regarding the public pension and social security system was canceled. The cancellation comes through the Order 128/2008, issued by the same Minister and published in the Official Gazette no. 168 from 3rd of March 2008.

The Order 92/2008 was defining the monthly gross income that is subject of taxation, respectively by the inclusion of new categories of employee benefits as subjects of taxation, such as the presents offered to the employees, the use of company car and company phone for personal purposes.


Green Light for European Funds in agriculture

March 16, 2008Rainfall

Beginning with the 3rd of March 2008 have been launched the first measures of investment with a strong impact on restructuring agriculture, food industry and rural areas. These measures have conditions similar to those of the SAPARD program, are expected by most of the potential beneficiaries, and have prepared the institutional and legislative framework of implementation.

Practically, the companies who are active in agriculture and other eligible applicants can already deliver projects to be approved for the three active measures regarding investments in agriculture: in the farms, processing units and development of rural infrastructure.

Together with the approval of the National Program for Rural Development, Romania will receive from the European Union an initial advance of 3.5% of the total value allocated of about 8 billion euros, to start the first actions of financing.

About Romania:


74 companies for sell in the Republic of Moldova

February 21, 2008Lia Bejenaru

The Government of the Republic of Moldova announced the selling of the participations held in 74 companies. The state’s stocks in those companies are between 10-100%. The selling will be performed by public auction on the Stock Exchange between the 4-17th of March 2008.

As by the Moldavian Law, the right to acquire these shares is reserved for Moldavian individuals or legal entities registered in the Republic of Moldova. The requests for buy can be presented through the brokerage companies registered at the Moldavian Stock Exchange.

For additional information regarding the companies that are sold we invite you to contact the consultants of Ascent Group.


Any personal benefit is subject of taxation!

February 21, 2008Rainfall

The Ministry of Labor, Family and Social Equity issued the Order 92/8.02.2008, who is modifying the application norms of the Law 19/2000. The change mainly consists in the redefining of the “gross income” that is subject of taxation, respectively by the inclusion of new categories of employee benefits as subjects of taxation.

Some of the incomes considered subject of taxation are: the amounts paid to the employees by retirement, leave and holidays bonuses, the amounts paid as result of the closing of labor relationship, social benefits offered as a result of a social or family event, presents offered in money to the employees on the benefit of minor children, presents offered to employees with various occasions, including the 8th of March, the amounts paid as result of civil conventions.


What should we know about collective labour agreements?

February 21, 2008Adela Cristea

Analysis published in Consulting Review magazine

The collective labour contract represents an agreement concluded in a written form on one hand between the employer and on the other by the employees, through their assigned representatives or where there is the case, by unions. In this agreement there are established clauses concerning working conditions, remuneration, as well as other rights and obligations resulted from labour relations. All companies that have at least 21 employees are obliged by Labour Code (Law 53/2003, republished) to conclude collective labour agreements.


Lia Bejenaru became partner of Ascent Business Consulting

February 20, 2008Adela Cristea

Lia Bejenaru, became partner of Ascent Business Consulting, the company held by Ascent Group in the Republic of Moldova.

Lia is currently the manager of Ascent Group’s office in Chisinau, and her addition into the ownership structure of the group represents the recognition of the activity she had from the launching of the group operations in the Republic of Moldova.

Lia’s education includes the Faculty of Finances, Money and Banking within the Academy of Economic Studies in Moldova, the European Institute of Political Studies within the Council of Europe, Strasbourg, France and the School for Political Leaders within the Association for Participative Democracy.