🆕 Legislative changes on the Beneficial Owner Form // Noutati legislative Formular Beneficiar Real

EN: On the agenda of the Chamber of Deputies meeting of 9-10 June 2020 was also the Draft Law Pl-x 297/2020 for the simplification of the procedure for declaring the beneficial owner of some legal entities. The obligation to file the Beneficial Owner Form to the Trade Registry has been maintained only for the companies which have other companies as shareholders - and has been eliminated for the companies which only have individual persons as shareholders. 🆕 The Government Emergency Ordinance 191 of 30 October 2020 has further extended the deadline to 3 months after the end of the Alert Status.

RO: Pe ordinea de zi pentru şedinţa Camerei Deputaţilor din 9-10 iunie 2020 s-a aflat Proiectul de Lege Pl-x 297/2020 pentru simplificarea procedurii de declarare a beneficiarului real al unor persoane juridice. Obligația de a depune la Registrul Comerțului Declarația privind Beneficiarii Reali a fost eliminată pentru firmele care au acționari doar persoane fizice - și a rămas doar pentru firmele care au acționari alte firme. 🆕 OUG 191/30 octombrie 2020 a prelungit termenul cu încă 3 luni de la finalul stării de alertă.

2020-11-02

Premium 🔐 How to read a Romanian trial balance // Cum citesc o balanță

EN: The trial balance - or, for short, the “balance” - represents the mirror of my company’s activity. All the operations that I run feed into it. Therefore, sooner or later I will need to understand it in detail so that I can better coordinate my business. Details 🎧

RO: Balanța de verificare - sau, prescurtat, „balanța” - reprezintă oglinda activității companiei mele. Toate operațiunile pe care le desfășor ajung în balanță. Astfel, mai devreme sau mai târziu voi ajunge să am nevoie să o înțeleg în detaliu, pentru a-mi putea coordona mai bine afacerea. Detalii

2020-09-18

Premium 🔐 How to read a Romanian balance sheet // Cum citesc un bilanț

EN: The balance sheet is a company's business card. With July being the deadline for filing the annual financial statements for 2019, let's look into detail at what a typical set contains

RO: Bilanțul reprezintă cartea de vizită a unei companii. Termenul de depunere a situațiilor financiare anuale pentru 2019 fiind în luna iulie 2020, este momentul să analizez conținutul acestora. Detalii

2020-07-13

🎧 [RO] Noi facilități fiscale 🆕

RO: Zile libere pentru parinti, beneficii somaj, facilitati fiscale, plata chiriei, modificari ale codului fiscal etc.

EN: Days off for parents, unemployment benefits, tax facilities, rent payment, Tax Code changes etc.

2020-05-26

📲Invest in our new Telemedicine Mobile App 🆕

EN: We are raising capital for the initial round of funding of our new Telemedicine Mobile App. Demo available here.

In case you would like to contribute, you are welcome to contact us via the usual channels. If you know other persons who could be interested, thank you for sharing this opportunity.

🎧 [RO] OUG 32 Șomaj tehnic & OUG 33 Facilități fiscale

RO: Actualizări ale Ordonanțelor de Urgență emise anterior pe tema măsurilor fiscale COVID-19

EN: Updates of the Government Emergency Orders issued recently with COVID-19-related tax measures

2020-04-01

🎧 COVID-19: Certificat de situație de urgență 🟦🟨 Emergency status certificate

RO: Ministerul Economiei, Energiei şi Mediului de Afaceri acordă, la cerere, solicitanţilor, operatori economici, a căror activitate este afectată în contextul pandemiei SARS-CoV-2, certificate de situaţie de urgenţă (CSU). Să vedem cine-ce-cum

EN: The Ministry of Economy is issuing, on request, Emergency Status Certificates for the companies affected by the SARS-CoV-2 pandemic. Let's see who-what-how

2020-03-26

🎧 COVID-19: Măsuri fiscale de criză ⚠️ Crisis tax facilities

RO: Sinteza măsurilor adoptate prin Ordonanțele de Urgență 29 și 30 din 2020. Modele de decizii angajat-angajator

EN: Briefing on the tax facilities offered by the Government Emergency Orders nr. 29 and 30 of 2020. Sample decisions employer-employee

2020-03-23

Network Updates on COVID-19

- TIAG Knowledge Center: COVID-19 resources from members
- ACCA: Coronavirus Information & Resources
- Harvard Business School: How the Coronavirus is Already Rewriting the Future of Business
- Harvard Medical School: Coronavirus Updates

2020-03-22

🦠

The Tax Agency is recommending online interaction with the tax offices

In the framework of the coronavirus (COVID-19) spread, the Tax Agency reminds the taxpayers that the tax duties can be fulfilled using remote communication tools

2020-03-12

The potential impact of the coronavirus on my Business in Romania

With the World Health Organisation focusing their attention the new coronavirus, it is now a good time for me to think about what impact this could have on my Business in Romania

2020-02-28

🎧 VAT Series, Episode 5: Regaining the VAT code after losing it

Regaining the VAT code takes longer than getting it in the first place, because the tax inspectors are more alert to potential irregularities, even if the initial loss of the VAT code has just been the result of a missed deadline. Getting it back is not impossible: it just involves some additional steps and documents

2019-12-23

🎧 VAT Series, Episode 4: The VAT code for e-commerce

This type of VAT code is for companies from outside Romania - which sell in Romania, via e-commerce/distance sales, above the threshold of EUR 25 000 (RON 118 000)

2019-12-23

🎧 VAT Series, Episode 3: How to get the special VAT code for EU transactions

my Business in Romania is not registered as a VAT-payer, however I need to do a one-off transaction with a company from the EU. Normally I would need to register my Business in Romania as VAT payer - but here's an alternative: the special VAT code for intra-EU transactions. After getting this special VAT code, I will pay VAT 19% in Romania on the intra-EU transaction, however I will not be registered as a full VAT payer in relation to my transactions with other companies from Romania

2019-12-04

🎧 VAT Series, Episode 2: How to get the VAT code above the 300_000 lei threshold

⚠️ I have to register for a VAT number in 10 days after I pass the revenue threshold of RON 300 000

2019-12-03

🎧 VAT Series, Episode 1: How to get the VAT code below the 300_000 lei threshold

Getting a VAT code together with the start of the company - or anytime below the revenue threshold of 300 000 lei - is called in Romanian “înregistrarea în scopuri de TVA prin opțiune” (=en. Registering for VAT as an option)

2019-12-02

🎧 Why is equity so important? // De ce sunt capitalurile proprii atât de importante?

EN: Today we continue the series of podcast episodes about equity: the effect of an increase in equity - and the effects of a decrease in equity, which may, ultimately, lead to the closing of the business. In the previous episode we opened the subject of equity - and today we dive deeper, by looking at the components of equity. I will explain to you what each of the equity components means, so that you can take sound business decisions. Details here

RO: Astazi vom continua seria episoadelor despre capitalurile proprii: efectele cresterii capitalurilor proprii - si efectele scaderii capitalurilor proprii, scadere care poate, in cele din urma, conduce la sfarsitul afacerii. Dupa ce, in episodul anterior, am deschis subiectul capitalurilor proprii, haideti acum sa vedem ce includ capitalurile proprii. Va voi explica ce inseamna fiecare dintre componentele capitalurilor proprii, astfel incat sa puteti lua decizii. Detalii aici

2019-11-28

How do I file the online statements for the Environment Fund? // Cum depun declarațiile online pentru Fondul de Mediu?

EN: The online filing of statements for the Environment Fund Administration is becoming the only option from 2020. I can either prepare & file them myself, or, much easier, I can appoint a delegate. In this case, a Notary Statement is mandatory. Details here

RO: Depunerea online a declarațiilor pentru Administrația Fondului pentru Mediu devine singura opțiune din 2020. Cel mai simplu este prin împuternicit. În acest caz, o declarație notarială este obligatorie. Detalii aici

2019-11-13

🎧 Dividends for shareholders: Who - What - When - How - How much // Dividende pentru actionari: Cine-Ce-Cand-Cum-Cat

EN: Today we speak about Dividends for shareholders. The generic case and specific cases: distributing dividends from retained earnings, interim dividends, what documents are needed, what deadlines are applicable. Details here

RO: Astazi vom discuta despre Dividende pentru asociati. Cazul general si cazuri specifice: ridicarea dividendelor din profit nerepartizat, dividende interimare, ce documente sunt necesare, ce termene sunt aplicabile - si alte informatii interesante. Detalii aici

2019-11-11

🎧 How do I motivate my employees? Value tickets // Cum motivez salariații? Biletele de valoare

EN: How do I motivate my employees and also benefit from tax advantages? A solution: value tickets for a range of benefits such as meal vouchers (ticket déjeuner), gift vouchers, nursery vouchers, cultural vouchers and holiday vouchers

RO: Astazi am sa va sfatuiesc cum sa va motivati salariatii, ca sa ii aveti cat mai aproape in companie. Pe langa veniturile salariale pe care le acordati luna de luna, va incurajez sa luati in calcul si acordarea unor tichete de valoare precum tichetele de masa, tichetele cadou, tichete de cresa, tichete culturale si vouchere de vacanta. Aceste beneficii le puteti folosi in avantajul Dumneavoastra din punct de vedere fiscal

2019-11-11

🎧 Book value vs. equity // Valoare contabila versus capitaluri proprii

About equity, nominal value and book value of shares - in this new podcast from the series “Afacerea mea in Romania”, with Maria Piroi

2019-11-04

🎧 Beneficial Owner Form // Declarația privind Beneficiarii Reali ⚠️

EN: All Romanian companies must file the Beneficial Owner Form to the Trade Registry. The penalty for non-compliance is from RON 5 000 to RON 10 000. Details here

RO: Toate firmele din România trebuie să depună la Registrul Comerțului Declarația privind Beneficiarii Reali. Amenda este între 5 000 și 10 000 de lei. Detalii aici

2019-11-01

🎧 My first tax inspection as a High Net Worth Individual (HNWI) in Romania

All taxpayers which have expenses significantly greater than the income declared in the Single Tax Statement (=ro. Declarația Unică) will be subject to an analysis from the tax inspectors, to identify if the taxpayer has income which she has not declared. A tax inspection can also be launched. Let's see how it goes

2019-10-25

Romanian Business Landscape: Key Numbers (updated)

The World Bank has updated its Ease of Doing Business Index, marking an important improvement in the easiness to start business in Romania, but lowering the overall score of Romania for the quality of the business environment

2019-10-24

🎧 First steps of my Business in Romania

Hello, I'm Maria Piroi, I run an accounting company that I created 21 years ago. I have both the quality of entrepreneur and the quality of consultant for all my clients. I can say that so far there are hundreds of clients that I have advised what it means to have your own business, how to grow it, how to get the results you plan from the beginning of your own company. At the beginning, it is very important to create the company based on your own wishes, on what you can do, what you can achieve

2019-10-21

📇 What to do when changing office

When I change the office of my Business in Romania I need to announce my lawyer, so that she can liaise with the Trade Registry, and my accountant, so that she can liaise with the Tax Agency

2019-10-11

🎧📽 Close my Business in Romania ⏹ the right way

Closing my Business in Romania doesn’t need to be a hassle. On the contrary, it can be a very good occasion for a fresh start. As long as it’s properly prepared. Let’s see how it’s done

2019-10-09

🎧 Romanian Business Landscape: Key Numbers

The National Bank of Romania has just published its annual Foreign Direct Investment Report, where I can see the main countries which invest in Romania and the key sectors they invest in. Additional information from the World Bank Ease of Doing Business Index and from the rating agencies

2019-10-01

📲 Mobile Tax News

Now I can receive for free the piroi.eu tax news via SMS too. I need to only send an SMS to +4073 TAX NEWS with the text SUBSCRIBE

How do I get the VAT code for my Business in Romania?

Getting a VAT number has a number of advantages: it will allow me to do cross-border business within the EU, and it will also allow me to claim VAT back from the invoices I receive from Romanian business partners. Let’s analyse together the 4 different cases on how to get the VAT code: below / above the revenue threshold of RON 300 000, the special VAT code for intra-EU transactions, and how to recover it when I've managed to lose it

2019-09-26

🎧 Fiscal record now available online

The online platform of the Tax Agency ANAF (Virtual Private Space = ro. Spațiul Privat Virtual) is now offering a new function: the Fiscal Record Certificate (=ro. Certificatul de Cazier Fiscal)

2019-09-25

20190925114447_921_25.09.2019-com cazier fiscal prin spv.pdf

🛑🎧 How to fail my Business in Romania

Underestimating cashflow, failing to ensure that all accounting paperwork reflects the reality of operations, forgetting about things.. The Group Expert Consulting team managed by Dr Maria Piroi has performed a statistical analysis on the most frequent problems companies have when they forget about the Tax Agency and the Trade Registry

2019-09-15

🤔🎧 Deductible expense or not? 5 important rules

An expense is tax deductible only if it is in relation with the business activity, is properly documented - and is recorded within the deadline. Let’s look at it in detail, with examples

2019-09-06

⚠️ New Tax Inspections

Target sectors: food, constructions, transport, trade, the new cash machines with electronic log, illegal labour

2019-08-22

20190802183527_amplacampaniecontroale.pdf

New Tax Facilities

If I have a tax debt larger than RON 1 million, I can restructure it until 30 September 2019, subject to a number of conditions. If my debt is smaller than RON 1 million, I can get my fees and penalties waived if I pay the main debt until 15 December 2019

2019-08-22

ordonanta-6-2019-m-of-648-din-05-aug-2019.pdf

New Rules for Sponsorships

The updated Tax Code establishes that, in calculating the profit tax, the smallest value of the following two is tax deductible for sponsorships: 0,75% of turnover (previously 0,5%) - or 20% of profit tax

2019-08-19