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Monthly Tax Update March 2011

Methodological norms for application of the Fiscal Code

• Please consult our Tax Flash no. 10/2011.
  (Decision 150/2011 published in Official Gazette 150/2011)

Payments rescheduling

• Please consult our Tax Flash no. 12/2011.
  (Government Emergency Ordinance 29/2011 published in Official Gazette 200/2011)

Indirect methods for assessment of adjusted taxable amount

• Please consult our Tax Flash no. 11/2011.
  (Decision 248/2011 published in Official Gazette 191/2011)

Social security

Norms for application of the Pension Law

• The application Norms of Law 263/2010 regarding the unitary public pensions system were approved, their provisions being correlated with those of Fiscal Code and of GD 1397/2010 regarding Form 112.
  (Decision 257/2011 published in Official Gazette 214/2011)

Social security treaty between Romania and the Republic of Moldova

• The social security treaty between Romania and the Republic of Moldova shall be submitted to the Parliament for ratification.
  (Decree 272/2011 published in Official Gazette 196/2011)

Accounting regulations

Pension companies and others

• The Norm regarding the annual individual financial statements to be filled in and submitted by the authorised entities regulated and monitored by the Supervisory Commission of the Private Pension System were approved. The Norm provides also for templates of the annual individual financial statements under discussion.(Decision 3/2011 published in Official Gazette 193/2011)

Authorised entities which are regulated and supervised by the National Securities Commission

• Regulation 4/2011 regarding the accounting rules in line with the EU Fourth Directive applicable to authorized entities regulated and monitored by the National Securities Commission, starting with the financial year 2011, was approved.
  (Order 13/2011 published in Official Gazette 185/2011)
• Regulation 3/2011 regarding the accounting rules according to the EU Seventh Directive applicable to authorized entities regulated and monitored by the National Securities Commission, starting with the financial year 2011, approves the template and the content of the annual consolidated financial statements, as well as the rules for their filling in, approval, auditing and publication.
  (Order 12/2011 published in Official Gazette 156/2011)

Credit institutions

• The new Methodological Norms regarding the preparation of the consolidated financial statements according to the International Financial Reporting Standards to be filed by credit institutions, Romanian legal entities, starting with the first semester of 2012, for prudential monitoring purposes were approved.
  (Order 1/2011 published in Official Gazette 153/2011)

Miscellaneous

Environment Fund

• Please consult our Tax Flash no. 12/2011.
  (Order 1032/2011 published in Official Gazette 196/2011)

Gambling activities

• Please consult our Tax Flash no. 10/2011.
  (Decision 150/2011 published in Official Gazette 150/2011)

Central fiscal committee

• The Central Fiscal Committee was hereby reorganised. Upon entry into force, Order 183/2010 regarding the set-up and duties of the Central Fiscal Committee and Order 1995/2007 regarding the set-up of the Fiscal Procedures Committee are abolished.
  (Order 1765/2011 published in Official Gazette 195/2011)

Online payment of taxes and duties

• The printing unit within NAFA shall ensure free-of-charge printing and transmission of information necessary for accessing and using the National system for electronic payment of taxes and duties using the credit card.
  (Government Emergency Ordinance 30/2011 published in Official Gazette 205/2011)

Labour legislation

• Law 53/2003 regarding the Labour Code was amended and completed. Among the amendments, we mention certain clarifications regarding the period during which the personnel may be delegated (i.e., not longer than 60 calendar days in 12 months with the possibility of extension). The amendments enter into force on April 30, 2011.
  (Law 40/2011 published in Official Gazette 225/2011)
• The labour books kept and filled in by the territorial labour inspectorates shall be handed over to the employers, based on the delivery-receipt minutes, by 30 June 2011, according to the schedule posted on the website and at the premises of the institution.
  (Order 1083/2011 published in Official Gazette 171/2011)

NBR reference interest rate

• The NBR reference interest rate for March 2011 is 6.25% per year.
  (Circular 9/2011 published in Official Gazette 149/2011)