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Ascent Group has signed a strategic agreement with The Farrell Company

Starting with January 2009 Ascent Group has signed a strategic agreement with the famous American specialist in research and promotion of the entrepreneurship and innovating solutions in business – Larry Farrell. Based on this agreement Ascent Group will represent exclusively The Farrell Company in Romania, Bulgaria, Serbia and Republic of Moldova for training and consultancy services on entrepreneurship.

Larry Farrell is a world wide authority, being deeply involved on spreading the entrepreneurial spirit all over the world. He presented the entrepreneurship principles in front of more than 1.3 millions of professional individuals, organizations and government. read more»

Ascent Group launches new topics in open training

Ascent Group has constantly developed in the last years high quality training programs. As a result of the feedback received from the customers and also of the recurrent demands from the actual and potential customers, we decided to start some open trainings in all the countries where we have offices: Romania (Bucharest and Arad), Republic of Moldova (Chişinău), Bulgaria (Sofia), Serbia (Belgrade).

The trainings will contain many new topics for the Romanian training market such as: Operational management, Supply chain management, Transports management, Finances for sales people, Cost controlling, Performance as assistant manager.

The open trainings will also cover general topics such as: Communication, Presentation techniques, Leadership, Time management, Project management, Conflict management, Stress management. read more»

Changes in the Fiscal Code in 2009

According to the Ministry of Economy and Finance, beginning with 2009 the Fiscal Code will suffer several changes:


The persons that are not registered for VAT purpose (especially the natural persons) and who buy new intra community means of transport will not be obliged to pay VAT in Romania for these acquisitions before the enrolling of the new means of transport, those enrolling in Romania not being possible without this proof.

Until now, VAT was paid till the 25th of the month following the intra community acquisition and the proof of the payment was not requested at the enrolling.


The legal entities that commercialize, in retail, system energetic power products for which excises should be paid, for example all types of fuels, are obliged to be registered at the Territorial Fiscal Authority. read more»

Labour code grants more days of leave

Starting this Monday the President of Romania, Mr. Traian Basescu, promulgated the Law regarding updates of the first paragraph of article 134 from Law no 53/2003 – Labour Code.

Employees will benefit of 3 additional days of leave (excepting those already stipulated). These days will be: first and second day after the Whitsun (the Whitsun is celebrated on Sunday, 50 days after Easter) and the 15th of August, when is celebrated the Assumption of the Blessed Virgin.

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

The annual inflationA persistent increase in the level of consumer prices or a persistent decline in the purchasing power of money, caused by an increase in available currency and credit beyond the proportion of available goods and services 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.

In Romania, the wages increased in 2007 faster than work productivity

At the entire economical level, the rhythm of growth of the work productivity exceeded for the first time in 2007 that of the income (22.6%), as shown in the information provided this month by the National Institute of Statistics.

The NIS' data points out that between 2002 and 2006, the work productivity increased faster than the wages, related to the levels registered in the last years.

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

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%). read more»

Romania's Economy might increase with 6% in 2008

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.

New fiscal stipulations for 2008

2008 brought new changes regarding the taxes and duties. The latest news in the Fiscal Code refers to VAT, the income tax and excises.

VAT: The reversed taxation procedure for real estate transactions between legal entities persons, who pay VAT, was eliminated.

At the same time, the VAT exemption was eliminated for the following services: giving information and making reports for the insured persons, marketing and administrative services that derive from the insuring-reinsuring services, respectively the organization and the management of the IT system of the insurance companies.

Income tax: The limit regarding the non-taxable income from the pensions will increase, from 900 to 1000 lei. read more»

IT specialists don’t need to pay the health insurance any longer

According to a recent study of the National Health Insurance Institution, IT experts stop paying the contribution to the health insurance, the contribution being paid by the employer. However, the employees will have free medical services, on the basis of a certificate from the employer.

This stipulation is part of a series of fiscal facilities for developing the IT industry.

According to the same stipulation the certificate that proves the quality of insured person for all the employees, will be released for the future by the National Health Insurance and not by the employer, as it happens now.

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