Ascent GroupAscent Group
Ascent Group. Business Consulting
error
warning: Creating default object from empty value in /home/ag/ag6/html/sites/all/modules/i18n/i18ntaxonomy/i18ntaxonomy.pages.inc on line 34.

Legal & Fiscal

Unfair commercial practices

The competition is unfair when the activity of a trader is achieved by the use of illegal procedures, contrary to commercial usage.

The methods which characterize unfair competition are multiple. Wheter they are acts or deeds contrary to the law and honest practices, they can be grouped into crimes, contraventions and/or civil wrongs.

“Exceptional offer, for only 24 hours!” or “Buy two products and you will receive one for free”. Every day we are bombarded by such messages trough written media, television, radio, on the street or subway, each one trying to make our lives easier, proposing best product or service. There is a whole industry of techniques for promoting and selling products with hundreds of specialized books and courses, which are trying to find the best way to reach consumers, many times through practices that are not the most fair.

The law analyzes two kinds of unfair commercial practices: read more»

VAT at collection system became optional!

At the beginning of 2013 Romania introduced the VAT payment system at collection. A system that led to multiple controversy and, although it is based on a healthy fiscal philosophy, it was implemented with multiple gaps.



But 2014 starts with good news. According to the GO 111/2013 was instituted the option of VAT collection application for taxpayers whose yearly turnover does not exceed 2,250,000 lei in the previous calendar year.

In other words, VAT collection system is not mandatory anymore, it becomes optional, leaving eligible taxpayers to decide whether to apply or not based their economic particularities.



Therefore, taxable persons on January 1, 2014 who already apply VAT collection system will proceed as follows:

  read more»

The modification of the minimum wage, at the beginning of 2014

The beginning of 2014 brings a set of legislative changes in the tax area. The vast majority has been announced at the end of the last year, so there are few who know these modifications and the fact that they will take effect from January 2014.

Among these changes, we are listing here below the ones with impact in the field of labor and social protection: read more»

What news brings September 1?

From September 1, 2013 several changes to the Tax Code and its implementing rules shall take effect. Among them, are worth mentioning :

Introduction of the reduced VAT rate TVA of 9% for backery products

This will apply to the following products:

  • all kinds of bread
  • croissants, rolls, sticks, pretzels, minibaghete, batons and braids ;
  • white wheat flour, milled wheat flour, wheat flour and dark rye flour ;
  • triticum spelta and meslin wheat - CN code 1001 99 00, and rye - CN code 1002 90 00

Excise tax will be extended to more products.

New categories of luxury products will be subject of the excise tax, such as: read more»

The minimum wage for 2013 in Romania was changed!

The recently discussed chenges regarding the minimum wage in Romania became a fact. Thus, in the Official Gazette (Part I, no. 52.2013) was published the Decision no. 23/2013, which states the minimum gross base salary guaranteed in Romania.

The new rates are:

  • starting with February 1, 2013, the gross minimum wage is 750 lei per month for a full-time program of 168,667 hours in average per month
  • starting with July 1, 2013, the gross minimum wage is 800 lei per month for a full-time program of 168,667 hours in average per month

Microcompanies. What's new in 2013?

The beginning of the year brought some changes related to the legal and fiscal status of the microcompanies in Romania. Specifically, based on the Government Ordinance no. 8/2013, published in the Official Gazette no. 54 from 23 January 2013, the article 1121, c) of the Fiscal Code was modified, it's new content being: „obtained revenues that do not overcome the amount of 65.000 euro”.

In other words, the 100.000 eur limit for revenues that allowed a company to qualify as microcompany, valid until last year, was reduced to 65.000 euro.  read more»

New VAT payment system starting with January 2013

According to Government Decision 15/2012 for modifying the Law 571/2003 regarding the Fiscal Code for 2013, the taxpayers with tax residence in Romania and whose revenue during October 1st 2011 – September 30th 2012, does not exceed 2.250.000 RON will be applying the VAT charge on cashed-in system starting January 1st 2013.

In order to comply with these provisions, the taxpayer who is pass to the new system is responsible for submitting, before October 25th, a written notification to prove that revenue during October 1st 2011 – September 30th 2012 (inclusive) did not exceed the 2.250.000 RON limit.

  • VAT on cash system does not apply to taxpayers that are part of a single fiscal group.
  • VAT on cash system applies only to transactions where goods or services are in Romania.

Transations which are not affected by the new system read more»

New changes in the Fiscal Procedure Code

Tuesday, August 28th 2012, the Government Decision no. 16/2012 was published, modifying and completing Government Decision 92/2003 regarding the Fiscal Procedure Code.

Modifications will apply starting August 31st 2012, except dispositions regarding closing of debts (pct. 3), which will apply starting November 1st 2012. 



Most important changes:

 read more»

The term for submitting annual financial statements (D 101) has been altered

Every beginning of the year comes with a series of questions regarding the reporting of the financial situation of the last year. In the following article, we will try to give an answer to some of the frequently asked questions on this matter, with reference to the 2011 financial year.

When do we submit Declaration 101 in 2012?

According to Ordonance nr. 2/25th of January 2012 regarding modification and completion of OG 92/2003 regarding Fiscal Procedure Code, annual declaration of income tax (tax on profit) for 2011 will be submitted, with the proper authorities, until March 25th, except non-profit organizations and companies with their majority of income based on cereal culture and technical plants, tree and vine farming, which submit their form up to 25th of february 2012. read more»

Mediation and work placement abroad

People who choose to work abroad usually use the services of companies that provide mediation services and job placement abroad, as they have don’t have a firm offer of work abroad or may not relate directly to potential employers abroad.

In Romania, private activity of mediation and work placement abroad is strictly regulated by law and companies that provide mediation services must meet certain conditions to carry out this work, namely: read more»

Copyright© 2005-2020, Ascent Group. All rights reserved. Politica de confidențialitate (Privacy policy)