The Romanian authorities have published the order regarding the SAF-T reporting. The document tackles aspects such as the nature of the information to be reported by taxpayers, the submission procedure, as well as submission deadlines and the date on which the reporting obligation arises for different categories of taxpayers(more information).
12 Tax Systems at a Glance - What Investors Need to Know!
What tax changes will 2021 bring in selected countries in Central and Southeastern Europe? What should investors pay attention to in the future - and which decisions will benefit them?
TPA's experts have summarized the most important changes in a total of twelve countries for you.
In this newsletter we offer you an overview of the most important tax changes in the following countries:
Declaration of real beneficiaries and submission of the environmental statement in 2021
Companies, associations and foundations constituted exclusively of natural persons are no longer required to submit a declaration of beneficial ownership.(more information)
The Environmental Fund Administration (AFM) recently announced that it will still be possible to submit declarations regarding financial obligations vis-à-vis the Environmental Fund in printed format up to and including March 2021. (more information)
On 23 November 2020, the Romanian Government clarified various aspects with regard to requests for the display of offers for sale of agricultural land located outside built-up areas submitted by 13 October 2020 and currently being processed.(more information)
Through Emergency Ordinance no. 132/2020, the Romanian Government has introduced various measures to support employees and employers in the context of the epidemiological situation caused by the spread of the SARS-CoV-2 coronavirus.
Law no. 113/2020, which came into force on 11 July 2020, introduces changes to the insolvency legislation, the most important of which being changes to the essential conditions under which a company enters into insolvency procedures, i.e. the total debt threshold and debts to the state. A summary of the most important changes is given below. (more information)
The reporting deadlines for cross-border arrangements have been extended. Also, a legislative proposal to amend Law no. 31/1990 (Companies Law) was promulgated and, on 1 July 2020, the Romanian Government published an economic recovery plan. (more information)
The gradual reopening of European borders began on 15 June 2020, and in support this the European Commission has launched the online platform Re-open EU to help ensure the safe resumption of travel and tourism across Europe amid of the Covid-19 pandemic. (more information)
Law no. 62/2020 on the application of various facilities pertaining to the payment of rent during the period of the state of emergency adopted by the Romanian Parliament was published in the Official Gazette no. 425 on 21 May 2020. (more information)
The holding of a general meeting of associates or shareholders (GMS) is to take place under special conditions during the state of emergency, according to Emergency Ordinance no. 62/2020 on the adoption of measures with effects for companies. (more information)
Government Decision no. 326/2020, published in the Official Gazette no. 339 on 27 April 2020, modifies the methodological norms for the application of GEO no. 110/2017 on the Programme to Support Small and Medium Sized Enterprises – SME INVEST.(more information)
Law no. 19/2020 regarding the granting of days off work to parents to allow them to look after their children has been modified to include the granting of time off to one of the parents in the event that his/her child’s/children’s lessons are suspended, as well as during school holidays. In addition, pre-school educational centres now also fall under the category of educational establishments. (more information)
The State Aid Scheme published on 4 April 2020 sets forth that SMEs are entitled to benefit from state aid provided they meet the eligibility criteria cumulatively at the date of application (more information)
The governments of different countries have taken swift action to mitigate the effects of the Covid-19 pandemic on their national economies. Our experts from the CEE/SEE region present the COVID-19 virus relief measures taken in the following countries:
Amendments to recently adopted normative acts as well as new measures to support the business environment during the state of emergency declared in the context of Covid-19 were published in the Official Gazette on 30 March 2020. A brief description is provided below: (more information)
In the context of the declaration of the state of emergency as a result of the Covid-19 pandemic, economic operators may only invoke the non-performance of contractual obligations due to force majeure if they are able to demonstrate that they have been objectively affected in terms of their ability to fulfil their obligations. (more information)
According to Order no. 791/2020 regarding the granting of state of emergency certificates, issued by the Ministry of Economy, Energy and the Business Environment, and published in the Official Gazette on 25 March 2020, economic operators whose activity is affected in the context of the SARS-CoV-2 pandemic are eligible to apply for a state of emergency certificate. (more information)
Emergency state and recent updates
The Decree of the President of Romania regarding the declaration of a state of emergency in Romania was published in the Official Gazette, Part I, no. 212, of 16 March 2020. The state of emergency will involve some exceptional measures with effects for political life, the economy and public order that will apply either throughout the country or targeted in certain areas.(more information)
From a tax perspective, a series of measures for supporting the business environment were announced, but their official implementation is still pending.
In light of the currentCOVID 19 pandemic, Romanian employers/companies have certain legal obligations when it comes to compliance with health and safety regulations. Companies should therefore be taking certain measures to minimise the risk of contamination among their employees. (more information)
Law no. 129/2019 on the prevention and combating of money laundering and terrorist financing entered into force on 21 July 2019 and, among other things, provides the following obligations of legal entities:
Designation of responsible persons and electronical registration by accessing the platform made available by the National Office for the Prevention and Control of Money Laundering
Approval and/or update and implementation of internal policies and norms, internal control mechanisms and procedures for managing risk
On 18 September 2018, the Ministry of Public Finances published a Draft Emergency Ordinance amending and supplementing a series of normative acts. This introduced a number of amendments and additions to Law no. 85/2014 on insolvency prevention procedures and insolvency proceedings, including the following:
The ultimate parent entities or other reporting entities of multinational companies resident in Romania are to be obliged to submit a new country-by-country report. This requirement will apply only to multinationals with a consolidated turnover in excess of EUR 750 million. (more information)