Important Tax Changes this fall: Pt. 1 – Fiscal Code
At the end of August 2021, the two important laws elated to taxes – the Romanian Fiscal Code and the Fiscal Procedure Code – have been changed. This implies clarifications, additions and amendments which require a certain lead time for preparation. We shall briefly present some of the relevant aspects according to Ordinance 8/2021 amending the Fiscal Code below.
Whistleblower protection: are reporting systems on group level allowed?
Companies will soon have to take concrete measures to protect persons that anonymously disclose unlawful activities (“Whistleblowers”). EU member states will have to implement the Whistleblower Directive by 17.12.2021
Tax groups in Romania – regulated, yet not common
Companies pertaining to a group have the option to form so-called „tax groups “(Ro: grup fiscal) for tax purposes. In German-speaking countries, such groups are known as “Organschaft“.
NEWSFLASH - New price adjustment possibilities in public procurement law - short deadlines!
On the 31st of August 2021, the Government Ordinance no. 15/2021 (“GO”) was published in Romania. It entered into force three calendar days later. The GO came as a reaction to the significant price increases for construction materials; it regulates the adjustment of contract prices under public construction contracts.
NEWSFLASH - REMINDER: Statement Regarding the Ultimate Beneficial Owner (UBO) must be filed in September
NEWSFLASH - REMINDER: Statement Regarding the Ultimate Beneficial Owner (UBO) must be filed in September Based on the amendments of Romania's legislation against money laundering and terrorism financing (Law No. 129/2019) as of 30 April 2021, among others, the obligation for companies to file with the Commercial Register the annual statements regarding their beneficial owners (beneficiari reali, - “UBO”) was reinstated. We informed you in May that the term for the filing had been extended until 1 October 2021. Please click here. Many were hoping for a cancellation of the obligation to file a statement in case no changes related to the UBO occurred. Currently it seems however that all companies have to comply with the filing term for the annual UBO statement. Considering that such term will soon expire, all concerned parties should take action in order to submit the statement with the Commercial Register in September. Please also note that in the meantime the form of this statement was amended. We will be happy to answer any questions you may have in this respect. Sincerely, The STALFORT Legal. Tax. Audit. team
E-Commerce and Services rendered to Non-taxable persons: comprehensive simplifications
On the 1st of July 2021, a new simplification system related to e-commerce and services rendered to non-taxable persons was introduced all across Europe. In Romania, the e-commerce package, known also as the One Stop Shop (OSS) mechanism, was implemented by way of Government Ordinance (GO) No. 59/2021.
INVITATION - FOCUS ROMANIA: BUSINESS, INVESTMENTS AND EMPLOYMENT MARKET
INVITATION - FOCUS ROMANIA: BUSINESS, INVESTMENTS AND EMPLOYMENT MARKET We are hereby inviting you to participate in the German spoken Online-Webinar “Focus Romania: Business, Investments and Employment Market”. Date: Thursday, 23. September 2021 Time: 14:00 - 15:30 Uhr CET 15:00 – 16:30 Uhr Romanian time The Webinar will be held in German language. It is organized jointly by CT Executive Search, Elite Searchers and STALFORT.Legal.Tax.Audit with the support of AHK Romania. Topics and Speakers „Update DE-RO Business Relations – Developments and opportunities for German companies“ - Sebastian Metz, Managing Member of the Board of Directors within the German-Romanian Chamber of Industry and Commerce, Bucharest „Trends on the Romanian Employment Market“ - Sorina Faier, Managing Partner, Elite Searchers, Bucharest “Executive Search in Romania” - Christian Tegethoff, Managing Director, CT Executive Search „Current Legal Developments in Romania“ - Christian Weident, Attorney at Law, Managing Partner Legal, and Adina Zdru, Tax Advisor, Managing Partner Tax, STALFORT Legal. Tax. Audit. „Retail & the Pandemic“ - Catalin Pozdarie, CEO Romania, Hervis Sports Further information can be found in the event program here: Please note that the attendance requires a pre-registration. In order to register, please click here. The event will be hosted on Zoom. This is how you will be able to attend the event: Click here Type in the Meeting-ID: 820 3755 8814 Password: Romania After the presentations, participants may further discuss the Webinar topics in a Q&A session. We are looking forward to welcoming you to our Webinar!
Exclusion from public procurement procedures due to breach of competition rules
Contracting authorities can, respectively must, in some cases, exclude economic operators from participation in public procurement procedures, if the grounds explicitly provided by the law apply. One of these exclusion grounds is serious professional misconduct, which questions the economic operator’s integrity. Such misconduct has to be properly proved by the contracting authority (for example through a decision of a court or of an administrative body).
The electronic signature – An overview
Technical progress and digitalization are phenomena currently shaping our society worldwide. These evolutions also imply an increase in the use of the electronic signature. The COVID-19 pandemic led to a greater usage of the so called “remote services” (for instance the conclusion of contracts without physical presence; work from home or telework, etc.) and to a stronger use of such electronical identification, respectively trust services.
Experts in Romanian (legal) procedures: boon and bane at the same time
Complex economic relationships between companies often lead to disputes, the settlement of which requires the clarification of questions which may exceed by far the knowledge or understanding level of one or several judges.