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Tax release for companies with positive or increasing equity, from the 1st of January 2021

For a clearer understanding of the concept of equity, it should be noted that from an accounting point of view, equity is the residual interest of shareholders or associates in the assets of a company, after deducting all its debts or, more simply, the difference between assets and debts of a company.

The main elements that make up a company's assets are represented by: read more»

Returning to school. What can workers and employers do if schools are closed and classes are suspended?

There are only a few days left until the start of a new school year. The uncertainty and fear that schools will remain closed and children will remain at home obscures the joy of parents, which is specific to this moment.

Employers are not even more reassuring. From 14th of September they must also worry for the employees with children. These employees might need to stay at home to watch over their children if the schools are closed.

The government, however, seems ready to grant benefits to parents in this situation. It remains to be seen what employers will do without these employees indefinitely.

According to Emergency Ordinance 147/2020 published in the Official Journal on Fridays, in the event of limitation or suspension of teaching in schools, kindergartens and nurseries, due to the coronavirus pandemic COVID-19, employees with children may apply for paid days off under certain conditions. read more»

Employees travelling for business outside the country should receive additional information

According to Law No 172/2020 (which applies both to Romanian employers who send their employees to the European Union (EU) and to EU employers who send employees to Romania), new regulations have emerged requiring employers to provide additional information to employees travelling for work outside Romania, who had not previously been obliged to provide: read more»

Five news to the IMM INVEST Programme, according to the Emergency Ordonance no. 143 of AUGUST 24th, 2020

The Emergency Ordinance No 143 of 24 August 2020 was published, for the amendment of OUG No 110/2017 on the IMM INVEST ROMANIA programme, to support small and medium-sized enterprises and to amend and supplement the State aid scheme in support of IMM activity in the context of the economic crisis caused by the COVID pandemic19, approved by Article II of OUG 42/2020.

Since the implementation of the INVEST Romania programme for IMM’S, a number of problems and constraints have been identified which hamper the implementation of the funding and guarantee lines offered by the programme, and required simplifications and access to finance for IMM’S more flexible. read more»

Ascent Group is implementing the first solution based on Artificial Intelligence in the accounting services

Process automation is a concern for all companies today. At Ascent Group, this process started some time ago, before the current crisis, and we have choosen from the very cutting edge solutions, based on artificial intelligence.

Ascent Finance, the accounting and financial services company within Ascent Group, was the first to implement such solution. The first intelligent robot arrived at Ascent right at the beginning of this year and the last few months were dedicated to the process of learning and integration into the company’s activities. read more»

Legal changes in case of sale of agricultural land

In the Official Gazette n. 741/14.08.2020 was published the Law n. 175 of 14 August 2020 for the amendment and completion of the Law n. 17/2014 on certain measures regulating the sale-purchase of agricultural land located outside the built-up areas, which will enter into force 60 days after the date of publication.

The law introduces important changes to the conditions that buyers of agricultural land are required to meet, with the aim of protecting agricultural land and avoiding any speculative transactions, but also makes the sale procedure more difficult, namely:

1. New categories of preemptors are introduced and the conditions to be fulfilled in order to exercise the right of pre-emption are modified: read more»

The deadline of the declaration regarding the beneficial owner for NGO's will be postponed

At its meeting of 14 August 2020, the Government adopted a new Emergency Ordonance to amend the deadline for the submission of the declaration for the beneficial owner for the legal persons that are not profit based (mainly NGO's) and it was decided to extend the deadline for the submission of the declaration from 17 August to 1 November 2020.

The single article of the regulatory act provides for:

'For 2020, the deadline by which the declaration on beneficial ownership, referred to in Article 34, paragraph 4, of the Government Order 26/2000 on associations and foundations, approved with amendments and supplements by Law 246/2005, as amended, and completed, shall be submitted on 1 November 2020.

The form of the declaration should mandatory be authentic, made in front of a notary.

The concept of beneficial owner includes, in the case of non-profit legal persons: read more»

Simplification and digitalisation of the companies' registration at the Trade Registry

According to a draft law published for public debate by the Ministry of Justice, it is proposed to digitize the National Trade Register Office (ONRC) eliminating some of the current formalities, so that the roads to the counter will be limited, everything being carried out online.

Among the proposed changes, the most important one is the possibility to carry on electronically the whole registration process of a new company.

In addition, it will no longer be necessary to be presented for registration: read more»

Some facilities for protected units and for the employment of persons with disabilities were reintroduced

In Romania, hiring a disabled person is quite difficult. After 1990, social and financial support for people with disabilities increased, but job opportunities declined due to the disappearance of most of the "invalid cooperatives", which were sheltered jobs.

This has led to the creation of so-called protected structures, autonomous economic entities whose main objective is the professional integration of people facing serious difficulties in the labour market, and which are carried out in sheltered laboratories or by means of vocational training and qualifications.

In Romania, this type of enterprise has been defined by invalidity legislation, namely Law 448/2006. In Romania, Law 448/2006 provides that companies must be subject to a social security scheme. read more»

New regulations on the granting of medical leave certificates for quarantine and isolation

According to the communications issued by the National Health Insurance Entity, new regulations on granting medical leave certificates for quarantine and isolation have been introduced.

The Order No 1.395/830/2020, had amended and supplemented the implementing rules of the provisions of the GEO No 158/2005, published in the Official Gazette No 708/06.08.2020.

I provides that persons for whom the quarantine or isolation measure was established until the date of entry into force of Law No 136/2020, but for whom the sick leave certificates were not issued during this period. read more»

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