Monthly Tax Update January 2011

Fiscal Code

Profits tax, income tax, tax on micro-companies’ incomes, withholding tax, VAT and excises.
Please consult our Tax Flash no. 1/2011.
(Emergency Ordinance 117/2010 published in Official Gazette 891/2010)
Local tax on means of transport
Please consult our Tax Flash no. 2/2011.
(Decision 1347/2010 published in Official Gazette 887/2010)
Norms for the application of the Fiscal Code
Please consult our Tax Flash no. 2/2011.
(Decision 1355/2010 published in Official Gazette 896/2010)

Fiscal Procedure Code

Individuals subject to income tax
Please consult our Tax Flash no. 1/2011.
(Emergency Ordinance 117/2010 published in Official Gazette 891/2010)

Social security

Taxpayers, computation base, reporting and other aspects
Please consult our Tax Flash no. 1/2011.
(Emergency Ordinance 117/2010 published in Official Gazette 891/2010)
Unitary public pensions system
Please consult our Tax Flash no. 30/2010.
(Law 263/2010 published in Official Gazette 852/2010)
State budget for the year 2011
Please consult our Tax Flash no. 2/2011.
(Law 286/2010 published in Official Gazette 879/2010)
State social insurance budget for the year 2011
Please consult our Tax Flash no. 2/2011.
(Law 287/2010 published in Official Gazette 880/2010)
Form 112
Please consult our Tax Flash no. 2/2011.
(Decision 1397/2010 published in Official Gazette 897/2010)

Accounting regulations

Accounting regulations compliant with European Directives
Please consult our Tax Flash no. 2/2011.
(Order 2869/2010 published in Official Gazette 882/2010)
Annual financial statements and reports
Please consult our Tax Flash no. 2/2011.
(Order 2870/2010 published in Official Gazette 889/2010)
Credit institutions and financial non banking institutions
The Order approves the accounting Regulations compliant with the International Financial Reporting Standards, applicable to credit institutions, and shall apply from 1 January 2012.
(Order 27/2010 published in Official Gazette 890/2010)
The annual financial statements compliant with International Financial Reporting Standards, prepared by credit institutions for information purposes according to NBR’s Order 15/2009, have to be prepared in Romanian language and in RON currency and have to be published on the own website of each credit institution.
(Order 24/2010 published in Official Gazette 834/2010)
The Accounting regulations compliant with European Directives, applicable to credit institutions and financial non-banking institutions, were amended and completed.
(Order 26/2010 published in Official Gazette 886/2010)

Miscellaneous

Pollution tax
Please consult our Tax Flash no. 2/2011.
(Emergency Ordinance 118/2010 published in Official Gazette 888/2010)
Administration of taxpayers
Starting with 1 January 2011, changes are brought in respect of the criteria for selection of large taxpayers and of middle-sized taxpayers with fiscal domicile within the territorial jurisdiction of counties and Bucharest municipality. Consequently, the tax authority competent in administrating certain taxpayers will change.
(Order 2730/2010 and Order 2731/2010 published in Official Gazette 820/2010)
Labour legislation
On 1 January 2011, Law 130/1999 regarding certain measures for the protection of employed persons was abolished.
(Emergency Ordinance 123/2010 published in Official Gazette 888/2010)
Application EMCS-RO
The Order approves the Instructions regarding the access to the application EMCS-RO for control over the movement of excisable products under suspensive regime. The Instructions describe the conditions for accessing such application and provide details on the authorisation file, the issuance of the access authorisation and the cases where the latter may be suspended, revoked or cancelled, as well as on other aspects. Order 3652/2009, which previously referred to the same subject, is abolished.
(Order 7630/2010 published in Official Gazette 804/2010)
Customs procedures
The Orders offer provisions regarding the alternative Procedure for introducing merchandise into the Community territory based on the summary entry declaration and the alternative Procedure for exporting merchandise from the Community territory based on the summary exit declaration.
(Order 9599/2010 and Order 9600/2010 published in Official Gazette 890/2010)
NBR reference interest rate
The NBR reference interest rate for December 2010 is 6.25% per year.
(Circular 40/2010 published in Official Gazette 806/2010)
Minimum gross base salary
Starting with 1 January 2011, the minimum gross base salary at the country level is set at RON 670 per month.
(Decision 1193/2010 published in Official Gazette 824/2010)
Gambling activities
The provisions of GEO 77/2009 regarding the gambling industry have been amended (including those provisions regarding the taxes applicable for gambling activities).
(Law 246/2010 published in Official Gazette 854/2010)
(Emergency Ordinance 117/2010 published in Official Gazette 891/2010)