Working time and its recording
All employers in Romania are required to keep records of the hours worked by their employees and to submit these records to labor authorities for inspection when necessary.
Five typical mistakes when acquiring forest land in Romania
Recently, we have noticed an increased interest from investors in acquiring land areas with forest vegetation for the purpose of exploitation and management. Despite the high value of the contract, parties to these investments often fail to examine essential aspects in detail. Since this can have considerable legal and economic consequences, typical errors in the acquisition of forest land are presented below.
Newsflash - New Template For All Employment Contracts In Force
Newsflash - New Template For All Employment Contracts In Force On December 09th 2022, a new template of the employment contract was published in Romania. The legal basis for this new template of the employment contract is represented by Order 2171/ 2022, which, among other things, implements the current changes in Romanian labor law. Please find more details here.
ECJ decision: Beneficial owners in the spotlight
After long discussions on the notification of universal beneficial owners (Rom. beneficiari reali) and the establishment of the relevant registers, the ECJ ruled by a judgment of 22.11.2022 that public access to these registers without proof of a legitimate interest is unlawful.
Tax changes with effects from 2023 - renewed amendments are imminent
After the Romanian Parliament amended the Tax Code in 2022 through Regulation 16/2022 (“the Regulation”), it adopted a new amendment to the Regulation and thus further adjustments to the Tax Code on 16.11.2022.
Default of Acceptance and Refusal to Accept Performance in Romania
Most judicial proceedings are based on a debtor's default in fulfilling his obligations (even if questionable). But what happens when the creditor refuses to accept payment or delivery? Romanian law allows the debtor to release himself from a payment or delivery obligation by means of the so-called real payment offer (Rom. ofertă reală de plată, subsequently "payment offer").
Significant changes in Romanian labour law
As of 22.10.2022, Romanian labour law was significantly amended by Law 283/2022. All employers must observe and, if the case, implement this if necessary. The law transposes European directives.
Corporate sponsorship and promotion of non-profit organisations
The Romanian Tax Code (Law No. 227/ 2015) provides a number of tax benefits for taxpayers who carry out sponsorship in accordance with the relevant Law No. 32/ 1994 (Sponsorship Law).
New law for representative offices of foreign companies and organisations
On August 07th 2022, Government Ordinance No. 18/ 2022 ("the Ordinance") came into force, which regulates the requirements for the authorisation and operation of representative offices of foreign companies or economic organisations in Romania. The Ordinance is one of the measures for the digitalisation and modernisation of public administration to be implemented within the framework of the National Recovery and Resilience Plan (rom: "PNRR"). It replaces the outdated previous regulation from 1990.
HR Retention and talent acquisition – Tax incentives
Against the current backdrop of staff shortages, many HR departments are designing retention mechanisms to incentivise current employees and attract new talent. However, when designing such measures, it is also important to consider the fiscal aspects, which can have an impact on the budgeting process.