ROMANIA
All Romanian companies owning property in Romania must pay property tax.Property tax varies depending on where the property is located as the rate is determined by local authorities.The rate varies between 0.25% and 1.5% of the asset value or the revalued amount of the property.The buildings ...
Two Romanian companies can compensate their reciprocal debts or claims by drafting a compensation agreement called an “Order of Compensation”. This Order of Compensation must be written standard form, and must be accompanied by a record of compensation under the following ...
In terms of vehicles, VAT deductions are limited to 50% when vehicles are no longer used exclusively for business purposes (versus 100% for exclusive business purposes). VAT deductions apply to its purchase, when it is an intra-communitary acquisition, it is imported, rented or leased. This is ...
In Romania the amortization regime for fixed assets is as follows: for buildings the straight line method of depreciation is applied; for technology, equipment, tools and facilities like computers, the company has the choice between straight line, accelerated or declining balance method of ...
In Romanian tax law, interest charges are integrally deductible provided that the debt ratio is less than 3. The debt ratio is the ratio of total debt and total assets (averaging the values from the beginning and the end of the financial year). → If the debt ratio is less than three, all ...
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Companies which carry out intra-communitary acquisitions/deliveries/services must be listed in the Registry of intra-communitary operators. As of August 2010, all companies which plan to carry out intra-communitary acquisitions/deliveries/services must be registered in the Registry of ...
All companies which want to use the term 'ROMANIA' or any variation thereof in their company name must submit a formal request with the General Secretary of the Romanian Government through the intermediary of the Registry of Commerce. Authorization is granted if: The company is an ...
The Romanian government carries out various controls on companies located in its territory. The following is a check list of 9 important tasks to be completed to aid managing directors of companies in Romania to successfully pass these governement controls. In a study of 72 controls carried out ...
New Romanian fiscal code for 2013Tax and accounting law for Romanian companies – new Romanian tax regulationsChanges to Romanian fiscal code applicable to 2013Expenses linked to amortization of company vehicles which have fewer than 10 seats are limited to the tax plan of 1,500 RON/ month per ...
The minimum flat tax was repealed by the Romanian government as of October 1, 2010. It is probable that a minimum flat tax could be reinstated in Romania for the new year (2014), but only for the sectors which are more prone to tax evasion such as bars, restaurants, hair salons, car mechanics ...
Expertise
Précis de droit comptable et aspects fiscaux
April 2023, publication of the new edition of the Précis de Droit Comptable, by Denis Colin, manager of the Fiduciaire LPG