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Legal & Fiscal

The Romanian companies can now be dissolved without a liquidator

The law 31/1990 was amended again in April bringing one of the most important changes in the Romanian fiscal environment. In case of voluntary dissolution and liquidation of companies, the process can be done now without a liquidator.

Thus the article 227, paragraph (1), points b) and d) of Law 31/1990, updated on 17.04.2009, describes the procedure of voluntary liquidation and dissolution without assigning a liquidator.

This procedure spares the trader of the need to assign an authorized liquidator to draw up the report of liquidation. Also, this procedure eliminates the stage of publication in the Official Gazette of the liquidation balance and report.

The simplified procedure assumes through 3 stages, which are present below:

Stage I read more»

Changes in social contributions in Bulgaria in the beginning of 2009

Changes in the social insurance and tax burden in Bulgaria which took place at the beginning of 2009 include a decrease in the mandatory pension contributions owed by employer and employee and an increase in the mandatory health contributions. The reference income maximum remains the same as last year, or BGN 2000. It was brought to that level in 2008, after being fixed at BGN 1400 in August 2007. The 10% proportional income tax for employees remains the same.

As a result of these changes the social insurance and tax burden for gross salaries of up to BGN 2000 has fallen, from 36.2% на 30.3%.

Gross minimum wage has increased to 600 lei from the 1st of January 2009

From the 1st of January 2009, according to the GD 1051/2008, the basic national minimum gross salary , in Romania, has been increased from 540 lei to 600 lei per month for a full time working programmme of 170 hours per month, representing the 3,529 Ron/ hour.

At the minimum wage stated above, coefficients corresponding to each job are applied. For example:

  • to employees that are qualified, the coefficient of 1.2 is applied so that they will have a minimum gross salary of 720 RON.
  • to employees with University degree, the coefficient of 2 is applied, so that they will have a minimum gross salary of 1200 RON.

Failure to respect these provisions represents contravention and is punished by fine from 1000 to 2000 RON.

Tax rate for micro-companies increased from the 1st of January 2009

Tax rate for the incomes of the micro-companies increased from 2.5% to 3% from the 1st of January 2009, according to art. 107 of the Fiscal Code.

In order to benefit of the advantage of the fiscal policy for micro-companies, companies which choose this option should meet on December 31st of the previous fiscal year, cumulative, conditions laid down in Article 103 of the Fiscal Code:

  1. to achieve revenue, other than those of consulting and management, the proportion of over 50% of total revenues;
  2. to have at least 1 employee and maximum 9 employees;
  3. to make annual income not exceeding the equivalent in RON of 100,000 euros
  4. the registered capital of the legal person to be detained by natural or legal persons other than the State, local authorities and public institutions.

Return to pay tax  read more»

Social contributions decreased in December 2008 and increased again in January 2009

Unfortunately, the estimations from December 2008 regarding the contributions to the social insurances payed by the employer were partially modified, on the increase, beginning with 2009.

Thus, through the Emergency Ordinance no. 255 that refers to some budgetary-financial measures published on 30.12.2008, (that completes art. 18, second paragraph from Law 19/2000 regarding the public pension system and other social insurances rights), the quota of the contributions of social insurances are established beginning with the 1st of January 2009, as it follows: read more»

Fiscal facilities "repealed" by the anticrisis plan

The New Executive Body in Bucharest adopted on the 30rd of  December 2008 a series of measures agains the crisis effects, cancelling some of the measures against the crisis just promoted by the old Government.

One of the main provisions agains the crisis promoted by the new Government is the elimination of the new tax incentives, specifically the 5% bonus to prepay taxes, paid for fast payment of obligations to the state budget. Another measure of fiscal loosening eliminated is the one relative to the bonus received by the employers who create new jobs. read more»

Calculation method for allowance of child's growth was modified

On the 10th of December 2008 Romanian Government has adopted Decision no. 1682, that amends and supplements the Government Emergency Ordinance no. 148/2005 of family support to raise the child.

This decision brings a series of news for mothers or future mothers whom revenues exceed the amount of the fixed monthly allowance of 600 lei.

In this sense the rules for implementing the above Ordinance provides that from January 2009 the child allowance is granted in the amount of 600 lei, or optionally, the rate of 85% of average professional income achieved during last 12 months of last year before child's birth or where appropriate, the date on which the child was given for adoption, or the child was adopted or child has taken in placement or in placement in a matter of urgency, as well as the date on which the person was appointed guardian, according to law. read more»

Beginning with 2009 holiday tickets might be introduced

According to a bill that is to be introduced within the Romanian Parliament, starting with next year the employees might receive vouchers for holiday from the employer. The maximum annual value that might be granted will represent the equivalent of six minimum gross wages per economy.

In accordance with the agreement between the Government, the syndicates and the associations of employers, beginning with the 1st of January 2009, the minimum gross wage granted will be 600 RON, therefore the employer might receive at the most 3600 RON per year for the holidays.

In this way, the law allows to the employer to offer a supplementary benefit to the employees, under the form of a payment for the holiday, out of which the state will return the taxes. The condition for the employer to benefit of this facility is that the company registers profit. read more»

Starting December 2008 the employers’ contributions have diminished

Starting with the 1st of December 2008, three types of contribution owed by the employers to the state budget have been diminished as follows:

  • According to article 27 from Law 76/2002, with further alterations and completions, the contribution for the budget of unemployment insurances owed by the employer will diminish from 1% to 0.5%.
  • According to article 258 to Law 95/2006, with further alterations and completions, the contribution for health insurances owed by the employer will diminish from 5.5% to 5.2%.
  • According to Law 387 from 2007 concerning the budget of state social insurances, the contribution of social insurances owed by the employer will diminish from 19.5% to 18%.

Legal entities are obliged to conclude real estate insurances

After long delays, on the 10 th of November 2008 was finally published the Law 260/2008 regarding the compulsory insurance of real estate against earthquakes, land slips or floods.

This Law will be aplied within 120 days of publishing it in Official Gazette of Romania, respectively at the 10th of March 2009.

The Law refers not only to obligativity of houses' insurance by natural persons but it stipulates provisions also for houses which are owned by legal entities.

So, any legal entity, who ownes houses and those are registered at Fiscal Authorities, is obliged to close an insurance contract against earthquakes, land slips or floods. In case of houses which are state ownership or territorial-admministrative ownership this obligativity is incumbent on appointed person or authorities to manage them, under the Law terms. If a house is the object of a financial leasing contract, the conclusion of the insurance contract will be the tenant's obligation. read more»

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