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Legal & Fiscal

Reverse taxation simplification

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: read more»

The registering of the contracts with non-resident suppliers

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This normative document repealed the stipulations of ANAF Disposition no 1.145/2007 emitted in October 2007 and substantially modified the registration procedure of the contracts concluded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: read more»

The taxation for the presents offered to employees was canceled

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.

Any personal benefit is subject of taxation!

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. read more»

Bulgaria introduced the 10% flat tax rate for individuals starting with January 2008

Starting with January 2008 Bulgaria has a new 10% flat tax rate for individuals, replacing the 10%-24% tax rates in 2007.

The Bulgarian 10% corporate tax rate for 2008 remains the same as in 2007 and is positioning Bulgaria together with Cyprus among the lowest taxations within the European Union.

The VAT rate in Bulgaria for 2008 will remain 20%, the same as in 2007.

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.

The taxes and contributions to the consolidated general budget will be paid from now on into a unique account

The National Agency of Fiscal Administration has decided that, starting with January the 1st 2008, taxes, contributions and other amounts owed by the tax payers to the general budget, are to be paid into a unique account.

The tax payers will use two payment orders for the State’s treasury, one for the obligations due to the state’s budget and the second, for the other obligations.

The amounts owed to the State’s budget will be paid into the unique account, and the fiscal debts to the social insurance budgets and to the special funds, into the unique account 55.02.

Every payment, for every tax, contribution and on other amounts owed to the general budget will be made distinctly.

500 lei - minimum salary in 2008

After the meeting between the Trade Unions, Employers Unions and the representatives of the Government that took place on Monday, to which the Minister of Labor and Family Paul Pacuraru, and the Minister of Economy and Finances, Mr. Varujan Vosganian took part, it was decided that starting with January 2008 Romania will have a unique minimum salary.

Therefore, starting with January the 1st 2008, according to the Government’s decision, the value of the minimum salary will be 500 lei. In case that the main indicators on which the State’s budget is built, respectively the Gross National Product, the 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, and the level of the labor’s productivity are fulfilled, starting with July 2008 the minimum salary, at a national level, will be 540 lei.

Trade Unions and Employers Unions agreed to continue the negotiations regarding the additional act to the national collective labor agreement, for establishing the salary levels. read more»

CAEN Code will be modified according to EU standards

The National Institute of Statistics elaborated the revised version of the Classification List of the Activities within the National Economy (CAEN), in order to be compatible with the European classification list. The changes will apply starting with January the 1st 2008.

Thus, the activities within the national economy will be classified according to a new structure, compatible with the EU standards. The new codes system will be applicable within the EU, and Romanian companies will be able to take part in any European auction. Good news for the companies is that they will have much more options to register within different domains of economy. read more»

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