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Besides the conventional termination (by agreement of the parties, according to the general rules provided by law), the law provides for the following causes of termination of the lease:

  • Unilateral termination;
  • Reaching maturity of the contract by the expiration of the term;
  • Termination for non-execution;
  • Destruction of the good;
  • The dissolution of the lessor's title;
  • The alienation of the leased property, if there is a special clause in this respect.
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The Romanian Tax Code is again under the microscope. Maybe it was never put aside, but after a quite relaxed summer, the Government decided that it was time to adjust and improve the provisions of the Tax Code. The changes bring a little of something new to every matter treated by the Tax Code and, as VAT already received the now obsolete split payment, the changes concern more the income taxes.

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The Ministry of Finance is preparing to bring a large number of amendments to the Fiscal Procedure Code, among these being measures that aim the fiscal controls, such as the introduction of the possibility to select a certain tax period for the inspection, as well as changes to the insolvency procedure or payment rescheduling.
Among the measures proposed by the draft amendment to the Fiscal Procedure Code are included:

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On August 7th, 2017 came into force the Government Emergency Ordinance no. 53/2017 which brought a series of important changes to the Law no. 53/2003 - Labor Code.

The main changes that will impact the business environment are the following:

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In the era of technology and “green” living, where electric cars and solar panels and AI are so debated and prized, it seems obsolete to still talk about the polluting, chemical or fossil fuel. However, no matter how evolved the human kind must seem, we cannot deny that “all-green”, “healthy”, “regenerable” and “pollution-free” is still far from being a daily reality, and using gas oil, diesel and kerosene is not only a concern from an environmental point of view, but also from a tax perspective.

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“Companies that are active in Romania will have to create, starting with September 1st, a separate VAT account, called "Split VAT", with the help of which Romanian authorities wish to reduce the tax evasion” - this is a declaration made by Mr. Ilan Laufer, The Ministry of Business, Trade and Entrepreneurship.

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On June 7th, 2017, Romania signed the Multilateral Competent Authorities Agreement, in order to implement measures to avoid double imposition, to prevent the erosion of the tax base and transfer of the profits. The Multilateral Competent Authorities Agreement is a multilateral legislative framework that provides a unit and effective mechanism for facilitating the exchange of information in line with the Standard for Automatic Exchange of Financial Information in Tax Matters in the field of taxation and allows avoidance of the need to conclude / sign multiple bilateral treaties between countries.

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What is tax avoidance?

Tax avoidance is the illegal evasion of taxes by individuals, corporations, and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of their affairs to the tax authorities to reduce their tax liability and includes dishonest tax reporting, such as declaring less income, profits or gains than the amounts earned, or overstating deductions.
Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported.
In contrast, tax avoidance is the legal use of tax laws to reduce one's tax burden. Both tax evasion and avoidance can be viewed as forms of tax noncompliance, as they describe a range of activities that intend to subvert a state's tax system, although such classification of tax avoidance is not indisputable, given that avoidance is lawful, within self-creating systems.

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As it has been highlighted how some intermediaries assist clients in evading taxes, the European Commission is preparing new rules of transparency for banks, tax advisers, accountants and lawyers, which will be in force beginning with January 1, 2019.
In this respect, if the tax systems prepared for the customer will include characteristics such as the use of losses to reduce tax liabilities and the use of favorable tax regimes, there will be an obligation to notify them to the Fiscal Authority. The information provided will need to be detailed before it is used and within five days of being made available to customers.

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The European Commission has drawn attention, since 2012, to the need to update the European regulatory framework applicable to data protection, by proposing a set of new rules, gathered into a normative regulation.

As a consequence, Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) was born and entered into force on May 25th, 2016. The regulation is binding in full and shall be directly applicable in all EU member states, starting May 25th, 2018.