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Apparently simple things, such as an expired rent contract or the expiry of the administrator’s mandate in the founding act at the Trade Registry, may have bad consequences on my Business in Romania. Because the Trade Registry and the Tax Agency are connected, I may lose my VAT code, I may see my bank account closed, or even my firm suspended. I will not be able to do business inside the EU, I will lose time and energy. In addition, when the VAT code is cancelled for a firm, cascade problems can show up for all the firms of the same administrator(s)/shareholder(s), and getting a new VAT code may be very difficult, borderline impossible.
Apparently simple things, such as an expired rent contract or the expiry of the administrator’s mandate in the founding act at the Trade Registry, may have bad consequences on my Business in Romania. Because the Trade Registry and the Tax Agency are connected, I may lose my VAT code, I may see my bank account closed, or even my firm suspended. I will not be able to do business inside the EU, I will lose time and energy. In addition, when the VAT code is cancelled for a firm, cascade problems can show up for all the firms of the same administrator(s)/shareholder(s), and getting a new VAT code may be very difficult, borderline impossible.
The Group Expert Consulting team has performed a statistical analysis on the most frequent problems companies face when they forget about the Tax Agency and the Trade Registry
The Group Expert Consulting team has performed a statistical analysis on the most frequent problems companies face when they forget about the Tax Agency and the Trade Registry
Here is how I can fail my Business in Romania:
Here is how I can fail my Business in Romania:
My rent contract expires
My rent contract expires
➡️ my VAT code is cancelled & activity is suspended
My administrator’s mandate expires
My administrator’s mandate expires
➡️ my company's activity is suspended
The Tax Agency sends me letters to an address which is no longer valid
The Tax Agency sends me letters to an address which is no longer valid
➡️ The Tax Agency usually lets me know in advance, through a letter, when it identifies potential problems - and it allows me time to rectify it or it invites me for a discussion. If I don’t receive these letters, I lose the opportunity to find out beforehand of a potential problem/error
➡️ I risk being put on a register of bad taxpayers without me even knowing
I don't file all tax statements
I don't file all tax statements
➡️ I risk having my Business in Romania being put on a register of bad taxpayers
➡️ The Tax Agency declares the firm as inactive
I forget about the 6-months rule
I forget about the 6-months rule
➡️ If 6 months pass without any bank transaction, the bank closes the account
➡️ If there were no transactions in the VAT statement D300 and the firm files 2 trimester statements with the value of 0 or 6 monthly statements with the value of 0, the Tax Agency cancels the VAT code
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