Development Assistance Committee and Romania

As of April 5th, 2018 Romania, becomes a Participant in the Development Assistance Committee. As a provider of substantial concessional finance for development co-operation and humanitarian aid, Romania will contribute to the DAC’s discussions and work on key development and humanitarian issues. Integrating Romania’s experience and perspectives will help strengthen the DAC’s capacity to inform […]

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How G.D.P.R. will affect labor relationships

As we all know, starting with May 25th, 2018, General Data Protection Regulation (G.D.P.R.) will come into force and will impose stricter rules on how companies can store and use personal information of their employees. In the following lines we will detail the obligations of the companies, namely of human resources departments to comply with […]

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More flexibility on VAT rates, less red tape for small businesses

The European Commission has today proposed new rules to give Member States more flexibility to set Value Added Tax (VAT) rates and to create a better tax environment to help SMEs flourish. Today’s proposals are the final steps of the Commission’s overhaul of VAT rules, with the creation of a single EU VAT area to […]

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Getting ready for the General Data Protection Regulation

Compared to the current Directive 95/46 / EC transposed into Romania by Law 677 / 2001, G.D.P.R. presents: Determination of the scope for which data is processed; Elimination of the current notification mechanism of the national authority (NSAPDP) and introduction of the accountability principle – the operator must be able to demonstrate that it complies […]

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Changes regarding data controller beginning with 25.05.2018 applicable for online stores

With the advent of EU Regulation 2016/679, traders who have an online business have a number of new obligations regarding the processing of their customers’ personal data. This responsibility of online stores is far more extensive than Law 677/2001, which will be repealed by the New Regulation on 25.05.2018. One of the most important changes […]

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Introduction of European Union Turnover Tax on Digital Businesses

Markus J Beyrer, Director General of Business Europe, has expressed concerns about the proposed introduction of a European Union turnover tax on digital businesses.On September 21, the European Commission launched a new agenda to ensure that the digital economy is taxed “in a fair and growth-friendly way.” This could lead to the announcement of new […]

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European Commission to Release Report on Corporate Tax Reform

The European Commission is set to release a report this week on corporate tax reform. According to news reports, it will recommend that the European Union make unilateral changes to the way its members tax large international companies. If these reports are accurate, European leaders should reject the report’s proposals. Unilateral action would shackle Internet companies in […]

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EU Court of Justice Ruling on Aviva Case

During the autumn meeting of the VAT Club, held on the 22nd of September in Vienna who was attended by our VAT Partner Raluca Tutu, one of the main topics of discussion was the ruling of the EU Court of Justice on Aviva case, which brought to much rumours and chaos within Cost Sharing Groups. […]

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GEO 42/2017 – amending and completing the Law no. 207/2015 regarding the Fiscal Procedure Code

Moreover, on June 9th, 2017, Romania adopted Law no. 124 through which it became an associate member of the OECD’s BEPS plan, thus becoming part of the group of countries aimed at discouraging aggressive tax practices and limitation to total elimination of the processes of erosion of the tax base and / or the artificial […]

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About tax avoidance in Romania

Causes and effects of tax evasion The tax evasion is determined by the action of various factors, the most important being: the existence of tax legislation with gap, inconsistences, ambiguities, flaws and repeated changes; misunderstanding of the tax authorities of the reasons that determine the tax payer to evade the tax system; the existence of […]

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Hard rules prepared for tax consultants, accountants, banks and lawyers will also be affected by multinationals

Moreover, there will be a database through which tax authorities within the Member States of the European Union will exchange this information every three months. Thus, the information will warn them in advance of the new risks of circumvention of tax obligations. In this respect, all categories of direct taxes, including income, profit, capital gains […]

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New general Data Protection Regulation

The main scope of the Regulation is to adapt and update the main objectives and principles established by the Directive 95/46/EC, which shall remain valid, in line with current technological developments. The Regulation establishes a unique set of rules, directly applicable to all EU member states, designed to protect the privacy of individuals more effectively […]

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OECD publishes multilateral instrument for implementing BEPS in double tax treaties

to transpose a series of tax treaty measures from the OECD/ G20 BEPS Package into existing bilateral and multilateral tax agreements and to set a new standard for mandatory binding arbitration in relation to resolving double tax disputes. Implementation of the October 2015 Final BEPS Package requires changes to the OECD and United Nations (UN) […]

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