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.
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.
VAT deduction for transactions performed before VAT registration
There can be situations when a company makes acquisitions, receiving invoices with VAT, before getting registered for VAT purposes. Acquisitions can also be made during a period in which the VAT ID no. of a taxable person is canceled.
NEWSFLASH Important changes in employment law –making use of them requires action
NEWSFLASH - Important changes in employment law –making use of them requires action In July 2021, the Romanian legislator introduced some changes, regarding (inter alia) the electronic signature, the mandatory content of employment contracts, the recording of working time and the abolition of some obligations. In order to benefit from these improvements, it is partly necessary to create or adapt documents. Please find more details here.
New change in the money laundering regulations tightens obligations for companies
On 30.04.2021 an amendment of Law No. 129/2019 on preventing and combating money laundering and terrorist financing (“the Law“) came into force, tightening again the obligations applicable to companies with regard to the declaration of the beneficial owner.
Telework in Romania now more flexible
Working from outside the headquarters of the employer has become more and more popular in the past years. During the pandemic-related lockdowns, it was even mandatory. The regulations for such telework had been rather inflexible until the recent adoption of the emergency regulation (“EO”) 36/2021.
Measures for the protection of whistleblowers in Romania will soon be needed
In December 2019 we reported that EU member states would have time until 17.12.2021 to implement the whistleblower directive. According to this directive, all companies with more than 50 employees will have to take specific measures to protect persons who anonymously report illegal activities