NNDKP organizes a new edition of Lex Atelier on the New Civil Code, competition investigations and tax issues

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The three simultaneous workshops organized by Nestor Nestor Diculescu Kingston Petersen provided a forum for discussing some of the most current topics that impact the business environment: current issues related to the structuring and enforcement of loan agreements and securities, specific methods for closing the competition investigations without the application of or with the reduction of fines, as well as tax legislative news relevant for the 2012-2013 period.

During the workshop on current issues related to the structuring and enforcement of loan agreements and securities, bank representatives expressed their interest in the way in which the application of the New Civil Code has developed in practice and the practical issues and nuances raised by the changes, as well as the impact that the New Civil Procedure Code would have on the enforcement of securities, under a new regulation that will bring major changes.

The workshop was held by Valentin Voinescu and Cristian Militaru, (senior associates in the banking and dispute resolution departments) and moderated by Alina Radu, partner and head of NNDKP’s banking and finance practice.

The discussions held during the workshop dedicated to competition law focused on the extent to which specific methods for closing competition investigations without the application of fines or with the reduction of fines represent an actual waiver of the right to bring action in court. Specifically, the participants discussed the issues that can still be disputed by companies in court in the cases where they admit the act / benefit from clemency / accept commitments within the investigations of the Competition Council, with an emphasis on the success chances of such actions.

The discussions were moderated by Simona Neagu (Partner in the dispute resolution department) and Georgeta Harapcea (Dinu) (Managing Associate and head of the competition practice).

Some of the issues that generated lively discussions in the workshop focused on tax legislative news were the new provisions that were introduced in the Fiscal Code that have a broad scope of application scope in 2012 and the newest and most controversial fiscal provisions applicable as of January 1, 2013. The issues discussed concerned the increased administrative burden with respect to the adjustment of the accounting systems for the purpose of reporting the operations carried out within the VAT cash system; controversial aspects arising out of legislative inconsistencies with respect to the form and content of electronically – issued invoices; the means of justifying the tax deductions exercised in connection with vehicles used by companies, as well as issues related to the method of reporting and payment of social contributions, for various types of income and tax payer categories.

The discussions were moderated by Alina Timofti (Partner, NNDKP Tax Advisory Services), Adina Vizoli and Mihaela Ioja (Senior Tax Managers, NNDKP Tax Advisory Services), recognized as some of the most experienced tax advisers on the market.

The event was attended by over 80 representatives of top Romanian companies.

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