Retention obligation – A desire for simplification
With the turn of the year, there are traditionally new changes in the area of taxes and accounting. This year, they concern, among other things, the obligation to keep documents. The Accounting Law (Law 81/ 1991) obliges all companies operating in Romania that fall within its scope to keep accounting records and evidence documents based on which entries are made for certain periods of time. While the minimum retention obligation was usually 10 years until January 15th, 2023, on the basis of Law 36/ 2023, published in the Official Gazette on 15th of January 2023, this has now been reduced to 5 years.
Flood of new regulations in Romanian labor law
At the end of the past year, a considerable number of relevant and fundamental innovations occurred in Romanian labor law. Although a separate article should be devoted to each one, the innovations of the past two months are presented below only in a synopsis.