Partial abolishment of the apostille requirements in the EU
The Regulation on Public Documents came into force on February 16th, 2019. It abolishes the apostille requirements for certain documents across EU.
Sending and receiving documents: easy to overlook, but extremely important
It is very rare to manage legal relationships without correspondence. Be it simple invoices or complex contracts, the vast majority of cases will involve sending documents to third parties. In legal court procedures, this principle applies to all documents, without exception.
Changes to the law on administrative disputes
In 2018, the law on administrative disputes was updated . The changes are comprehensive and, above all, practice-relevant. Below, we will discuss the most important aspects.
Construction law: Requirements for building developments on plots of land
When it comes to making construction investments in Romania, most investors choose to purchase plots of land for construction.
Registration of companies for tax purposes has finally become easier
At the end of January 2019, we were surprised, yet again, by unexpected regulations from the Romanian Tax Authority ANAF – this time, however, in a positive way.
Tax Law: new mediation procedure and further novelties
On 20th January 2019, Law no. 30/ 2019 (“Law 30” ) came into force, bringing practice-relevant changes in the tax law. It brought changes and additions to the Emergency Ordinance No. 25/ 2018 (“EO 25”), which had changed the tax law at the beginning of 2018.
VAT of 5% for hotels, restaurants and catering services
As we remarked in an earlier article, emergency ordinance (“EO“) Nr. 89/2018, as of 1st November 2018, reduced the VAT on some deliveries and services. A reduced VAT rate of 5% will apply to (among others):
The Electronic Archive for security interests in movable property replaced – compulsory enforcement still unclear
Romania’s Electronic Archive for Securities on Movable Property (“AEGRM”), is where – as the name reveals – securities on movable property (eg. liens), but also leasing contracts etc. are registered; this makes them opposable against third parties.
Differences between the German and Romanian GAAP
The business environment in Romania is represented by a significant number of companies belonging to German groups or by German investors looking for business opportunities to expand their businesses in Romania. In such context the reporting of the financial performance of their Romanian subsidiaries to the parent companies should allow the investors to properly understand the results and to facilitate them in taking the best investment decisions.
New obligations for companies after implementation of EU regulations to prevent money laundering
The directive concerning money laundering should have been implemented in all member states by 26th June 2017. In July 2018, unjustified delays even led to the European Commission initiating an infringement procedure against Romania.