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 It replaces the outdated previous regulation from 1990.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.
Competition Law Aspects of the Participation of Consortia in Public Procurement Procedures in Romania
The Romanian Parliament has already approved a legislative package that transposes the following three EU Directives in the area of public procurement in 2016:
Important Changes for Companies in Commercial Register Entries
As previously reported, Law 265/2022, which replaces the Commercial Register Law and partially amends the Companies Law (Law 31/ 1990), will enter into force on November 26th 2022. In this article we report on further changes that will have an impact on companies registered in Romania.
Amendments to the Romanian construction law
This summer, Law no. 50/ 1991 ("Law 50") on the authorisation of the execution of construction works was amended in two essential aspects by Laws no. 176/ 2022 and 262/ 2022. These amendments are briefly described below.
Essential measures prior to the acquisition of forest land in Romania
Almost 27% of Romania's surface is covered with forest vegetation. Romania is experiencing a continuous upward trend in foreign investors' interest in acquiring land with forest vegetation.
Documentation obligations in finance and accounting
One of the most frequent problems in tax audits concerns the proof of transactions recorded in the accounts and the design of the supporting documents.