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 It was firstly filed with the Romanian Senate, withdrawn and registered on 3rd April with the Chamber of Deputies.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.
The prevention law – no more fines for many misdemeanours
On 17 January 2017, the so-called Prevention Law came into force. It aims to correct unlawful behavior by individuals and companies, without imposing fines.
Real relief for employers of IT programmers?
The almost total transfer of social security contributions to employees has been a hot topic of debate since the end of last year.
Update on sick leave and sickness benefit
Changes to social security contributions have been extensively reported in recent months. On 12 January 2018 the government published new application provisions to the Emergency Ordinance 158/2005 concerning the granting of sickness benefit (valid from January 2018).