E-transport and e-seal - new transport monitoring systems in Romania
Important innovations have been introduced in the area of state monitoring of the Romanian transport system due to European regulations. It is becoming important for the legislator to monitor goods (especially those with high tax and customs risks) on their domestic or intra-Community transport routes. To this end, the means used are becoming increasingly modern and complicated.
Direct investments from the EU also under the microscope of the CEISD
Since December 6 of last year, certain direct investments from EU countries with a value of more than EUR 2 million in Romania must be registered respectively approved before the investment begins. Planned direct investments in the following areas of activity are affected by this:
NEWSFLASH - New regulations for reviewing investments from the EU in Romania
Starting from December 6, 2023, (also) investors from the EU are explicitly required to register direct investments in Romania and are prohibited from executing them prior to obtaining approval, if the investment
Tax news due to the Emergency Ordinance no. 115/2023
In October 2023, the Romanian government took responsibility in parliament for a law that made significant changes to the tax code. Thus, Law no. 296 of October 26, 2023 was published in the Official Gazette no. 977 of October 27, 2023 on some fiscal and budgetary measures to ensure Romania's long-term financial sustainability. Apparently, these amendments were not sufficient, so that Emergency Ordinance ("EO") No. 115 of December 14, 2023, regarding certain fiscal and budgetary measures to consolidate taxes and combat tax evasion, was published in Official Gazette No. 1139 of December 15, 2023. The following lines summarize the important practical changes for companies that pay corporate income tax or micro-enterprise tax.
NEWSFLASH - Another massive fiscal measures package at the year‘s end
Shortly before the year’s end, Romania’s Government has adopted Emergency Ordinance 115/2023, with the scope to ensure Romania's long-term financial sustainability. The following key aspects should be mentioned:
Electronic invoices mandatory from 2024: Romania expands RO e-Factura system
Beginning 01.01.2024, Romania will introduce mandatory electronic invoicing in the B2B sector. The national system "RO e-Factura" must be used for all transactions with the place of supply in Romania. All companies active in Romania must prepare for this.
NEWSFLASH - Extensive new obligations for employers to combat harassment at the workplace
On 17.10.2023, Government Decision no. 970/2023 (in short: "GD") on the Methodology for Preventing and Combating Gender-based and Moral Harassment at the Workplace (in short: "Methodology") was published in the Official Gazette of Romania. All employers in Romania must implement it by 16.04.2024.
NEWSFLASH - Extensive new obligations for employers
NEWSFLASH Employers must introduce new measures against harassment at work On October 17th, 2023, the Methodology for Preventing and Combating Gender and Moral Harassment at the Workplace was published. All Romanian employers must implement it by 16. April 2024. The methodology contains a sample guide on preventing and combating harassment at work, as well as a series of obligations for the employer, which must be fulfilled in a short term. Key obligations for every employer: Creating its own guidelines for preventing and combating harassment at work, adapted to the specific situation of the employer; Introduction of an internal procedure for promotion, including for decision-making positions, which ensures equal opportunities and equal treatment; Annual training of employees on the provisions of the Methodology; Inclusion of the provisions of Emergency Ordinance No. 137/2000 on the prevention and sanctioning of all forms of discrimination and Law no. 202/2002 on equal opportunities and equal treatment of women and men in the internal regulations; and others. Sanctions Employer’s failure to prevent and combat harassment at work may trigger substantial fines ranging between 30,000 RON (EUR 6,000) and 200,000 RON (i.e. approx. EUR 40,000). Further details on this topic are available in our current publication under the following link: here. In case of questions, do not hesitate to contact us. Kind regards, THE STALFORT Legal. Tax. Audit. – Team
Banking transactions increasingly difficult due to bureaucratic hurdles
Foreign investors are often surprised by the inflexible and bureaucratic attitude of Romanian banks. They require their (prospective) customers to submit a number of forms and information on the beneficial owners (beneficiarii reali) both when opening an account and at regular intervals thereafter. If these are not submitted or not submitted in the required form, the account opening is quickly refused or even blocked - even if the customer has been working with the bank or credit institutions of the same group abroad for many years.
NEWSFLASH - Extensive New Fiscal Measures Package in Romania
On 27.10.2023, Romania has introduced a comprehensive set of tax measures in order to ensure its long-term financial sustainability. Key takeaways: Introduction of minimum or additional turnover tax for CIT payers with quarterly payment starting 2024: 1% minimum turnover tax (MTT) compared to Corporate Income Tax (CIT) for companies with a turnover over EUR 50Mil. 2% in addition to CIT for credit institutions and 5% in addition to CIT for energy companies to be established by the Ministry of Finance with a turnover over EUR 50Mil.