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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»

Open Seminar held by Larry Farrell in Romania

2013-06-21 09:30
2013-06-21 15:00

During difficult times and crisis times, we are all thinking, every day, how to make our businesses become stronger, how to improve them, or even how to maintain them.

We often find advices for the crisis management, we look for new tools or new approaches that will give us the confidence to continue without sacrificing our plans.

It`s difficult, but we have to move forward without stopping on our way, respectively using all the time resources and all the existing opportunities in order to generate success.

Ascent Group has the unique opportunity to invite you to meet, in Romania, in Bucharest, Larry Farrell, the number 1 worldwide expert and a true entrepreneurial guru,in a half-day seminar with the topic “Awakening the entrepreneurial spirit”. 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»

Anunţ achiziţie

[descarcă original PDF]

Programul Operaţional Sectorial „Creşterea Competitivităţii Economice”

co-finanţat prin Fondul European de Dezvoltare Regională

„Investiţii pentru viitorul dumneavoastră”

Anunţ achiziţie,
ARAD 16.01.2013

Achiziţiile au loc în cadrul proiectului “ÎMBUNĂTĂŢIREA INFRASTRUCTURII IT&C – ASCENT GROUP” COD SMIS - CSNR 37482 linia de finanţare POSCCE-AP3-3.1.1 Apel 2, contract de finanţare 622/311 din 28.11.2012. read more»

Anunţ privind începerea proiectului “ÎMBUNĂTĂȚIREA INFRASTRUCTURII IT&C – ASCENT GROUP”

[descarcă original PDF]

Programul Operaţional Sectorial „Creşterea Competitivităţii Economice”

co-finanţat prin Fondul European de Dezvoltare Regională

„Investiţii pentru viitorul dumneavoastră”

Anunț/Comunicat de presă

Anunţ privind începerea proiectului “ÎMBUNĂTĂȚIREA INFRASTRUCTURII IT&C – ASCENT GROUP” 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»

Otilia Gal takes over the Financial Manager position within Ascent Group

The midsummer of 2012 marked a change in the management of Ascent Group. Thus, with the 1st of July, the new financial manager of Ascent Group is Otilia Gal.

Otilia is an alumni of the Faculty of Economics from the University of Timisoara. Over the years she enriched her knowledge by attending numerous courses and specializations in finance and accounting.

Professionally, Otilia has 10 years of experience in finance, both within multinational companies and local companies.

During the last four years Otilia has held the position of financial advisor in the Arad office of Ascent Group Arad, and since the 1st of July 2012 she became the financial manager of Ascent Group.

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