Interim and conservatory measures by emergency arbitration in Romania
Introduction The new Arbitration Rules of the Court of International Commercial Arbitration of the Chamber of Commerce and Industry of Romania (the CCIR Rules) , in force as of 1 January 2018, establish the possibility to appoint emergency arbitrators
Cross-border insolvency: Rules on the harmonization of European turn-around and bankruptcy proceedings
In the context of globalisation, companies are often active not only in the country of incorporation but also in several other legal systems. If a company fails, there is a need for rules that make the insolvency proceedings predictable. In the EU there are two current regulations to take into account, one applicable before and one after 24.06.2015.
Safety risk analysis mandatory for all entities as of 1st July 2018
It’s not commonly known, but all legal entities (rom. unităţi) in Romania which possess goods or other valuables have a legal obligation to carry out a safety risk analysis as to the safety of these assets.
Transfer of assets and VAT treatment
The transfer of all or part of a company’s assets is not deemed by the provisions of the Romanian Fiscal Code as a supply from a VAT perspective. Acquiring a business is therefore not subject to VAT. This sounds simple, but classification can be difficult. Here, then, are the requirements and specifics.
The Romanian Draft Law regarding the General Data Protection Regulation (GDPR)
It’s finally here! About two months before the data protection regulation is due to come into force, there was a Draft Law, designed to substantiate the GDPR legislation allocated to the legislators of member states. It was firstly filed with the Romanian Senate, withdrawn and registered on 3rd April with the Chamber of Deputies.
New law on telework makes changes of employment contracts necessary
On 02.04.2018 the law on telework (hereinafter referred to as „the Law“) was published. It applies to a great number of employees working outside their work place at the employer. The employment contracts of these employees must be modified.
Income Tax: New deadlines for declarations and payments
On 23.03.2018, a simplification of the declaration and payment obligations of several natural persons took place. The Emergency Ordinance (hereinafter referred to as “EO18”) reduces, inter alia, the number of tax returns and changes the payment deadlines for these persons.
Further correction measures for social contributions
The intensely debated `tax revolution' of November 2017, which, among other things, transferred liability to pay social contributions to the employee, had disadvantages for employment relationships that have not so far been taken into account.
New fire security rule: owners of unauthorised buildings must warn the public
All the transition periods for operators and owners of buildings and facilities missing a fire security authorisation expired at the end of last year (2017), so that severe penalties are now applicable without exception.
Important aspects of land acquisition in Romania
Romania is currently facing a rising tendency regarding foreign investments, especially in the retail, logistics and production sector.