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The decision amending the Government Decision no. 500/2011 on the general registry of employees (“GD 500/2011”) was published in the Official Gazette no. 963/28.11.2016. Significant changes have been made with regard to the rules governing the filling in of the employees’ general registry.

Sunday, 11 December 2016 19:49

The transfer pricing documentation file in 2017

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The transfer pricing documentation file must be submitted by March 25th, 2017, which is the deadline for filing the corporate tax return, or by the deadline set for companies that apply any tax year other than the calendar year.
The file has to be prepared and presented according to ANAF Order No. 442/2016 on the amount of transactions, submission deadlines for the transfer pricing documentation file, the content and conditions of requesting the preparation of a transfer pricing documentation file, and the transfer pricing adjustment/estimation procedure.
It is important to note that the interpretation of this Order by tax authorities is that, in case of a tax audit, if the file is requested for the past three years, companies must update the file according to the Order for the entire audited period, which is basically a retroactive application of the document. With audited companies, the deadline for meeting legal requirements is usually 30 to 60 days.

Tuesday, 29 November 2016 13:42

Tax changes as of January 1st, 2017

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The changes recently proposed by the Ministry of Public Finance (MPF) in relation to the Tax Code and the Tax Procedure Code were passed by the Romanian Government on November 16th, 2016; the Emergency Ordinance is to be published in the Official Gazette, but the Executive has not yet released any statement as to whether the proposed version of the legislative project has been adjusted. The project was initiated by MPF earlier this month, and its beneficiaries are both companies and individuals. The new provisions should be applied from January 1st, 2017.

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As of January, 1st 2016, when the new Tax Procedure Code entered into force, ANAF began a campaign to notify companies that have not renewed their registered offices, threatening with declaring them inactive for tax purposes if their situation is not solved within 30 days after receiving the notice.
There are two ways to avoid this situation:

Friday, 18 November 2016 12:37

Individual employment contract clauses

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An employer can stipulate at least four specific clauses in an individual employment contract, according to the Romanian Labour Code: the non-compete clause, the confidentiality clause, the mobility clause and the vocational training clause.

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As of August 1st, 2016, a new category of employees is exempt from income tax on wages and other wage-related income. It consists of employees who carry out applied research and development activities and/or technological development activities, and the conditions for inclusion in this category are established by Order No. 4947/899/2018/1840/906/2016 issued on September 9th, 2016.

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According to the New Romanian Tax Code, as of January 1st, 2016, income obtained from activities performed based on civil-law contracts/agreements, concluded in accordance with the Civil Code, as well as based on agent contracts, are excluded from the category of income from independent activities for which the income tax representing anticipated payments is withheld at source.

Under such conditions, the sole legal basis for income obtained under civil-law contracts/agreements to be integrated may be article 114 para. (2) g) of the Tax Code, which defines income from other sources as the income obtained by taxpayers that are not registered from a tax point of view and perform an occasional activity, although the law is not very clear in this respect.

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After controversial debates, Law No. 77/2016 on discharge of mortgage-backed debts through title transfer over an immovable property ("Law on Debt Discharge") was finally published in the Romanian Official Gazette No. 330 dated April 28th, 2016, and entered into force on May 13th, 2016. "Debt discharge" (darea în plată) allows for the full discharge of any loans contracted by a natural person and secured by a mortgage arrangement, including any accessories in connection therewith.

Wednesday, 11 May 2016 19:01

New legal provisions on share foreclosure

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A. Distraint and sale of shares

Pursuant to changes set forth in Law no. 152/2015 amending and supplementing specific normative acts on registrations in the Trade Registry, now the creditors of a shareholder have the possibility to put distraint on and sell the shares of their debtor. Therefore, the opposability of the garnishment and the distraint shall be registered with the Trade Registry, at the request of the foreclosure body.

Previously, such possibility was duly regulated for joint stock companies only. In case of a limited liability company, the creditors were able to exercise their rights over the part of benefits due to the shareholder debtor either after the closing of the financial year, or after the liquidation process, in case the company is dissolved. Therefore, the only possibility to foreclose the shares granted to the shareholder’s creditors was the garnishment of the shares that were due following the liquidation process. In other words, the creditors of the shareholder debtor used to enforce the garnishment over a receivable affected by the prior condition of the dissolution and liquidation of the limited liability company.

Friday, 29 April 2016 22:36

The Panama Papers

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The Panama Papers are an unprecedented release of 2.6 terabytes of information (11.5 million files) from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were gradually obtained from an anonymous source by the German newspaper, Süddeutsche Zeitung, and shared by the International Consortium of Investigative Journalists (ICIJ) with a large network of international partners, including the Guardian and the BBC.

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