News from Romania

  • To Petya or NotPetya; this is how to protect yourself!
    A new ransomware has risen and is spreading across Europe like wild fire. This new malware is creating chaos across businesses, from supermarkets to shipping ports, ad agencies and law firms. The new ransomware - code named “NotPateya” - shares some very similar characteristics to a very recent malware “Wannacry”. About NotPateya NotPateya gets its name from an older malware...
  • Romania changes classification of occupations
    Romania has recently amended its classification of occupations and published it in the Official Gazette dated April 4, 2017. The National Occupations Classification (known as COR) is a legal act which defines the six digit codes assigned to each job position, with job positions clustered by occupational sectors. It is mandatory for each employee in Romania to be assigned a...
  • Romania: Robust growth 2017-2018
    The winter 2017 Economic Forecast published by European Commission argues that the economies of all EU Member States are expected to grow in 2017 and 2018, even if the growth forecasts are surrounded by higher-than-usual uncertainty. The EC expects euro area GDP growth of 1.6% in 2017 and 1.8% in 2018. GDP growth in the EU as a whole is...
  • Romania 2017: VAT goes to 19%
    Starting with 1st of January 2017, standard VAT rate will become 19% instead of 20%. This reduction of VAT following the previous decrease in 2016 from 24% to 20% for standard VAT rate together with reduced rates of 9% and 5% for specific products and services, will sustain Romania as an attractive consumption market. VAT reductions placed Romania in normal...
  • Secondment of employees in the framework of transnational provision of services – G.E.O. no. 28/2015
    Companies using secondment as a method of employee mobility should be familiar with the provisions of Government Emergency Ordinance no. 28/2015 (GEO no. 28/2015) for amending and supplementing Law no. 344/2006 regarding the secondment of employees in the framework of transnational provision of services, published in the Official Gazette no. 476 of 30 June 2015. GEO no. 28/2015 provides that...
  • Romania to continue growth trend in 2016
    Romania/December 2015 During recent years, Romania has achieved significant macroeconomic development, further sustained by programs and arrangements with the IMF, European Union and the World Bank. Per IMF’s reports following the visit in October 2015, the key priorities should focus on solidifying public finances, the continuation of structural reforms and the maintenance of a high level of confidence in sustainable...
  • Corporate Income Tax changes in Romania
    Romania/October 2015 The new Romanian Fiscal Code introduces a number of amendments which impact companies in a wide range of tax aspects.  Below we discuss some of the introduced changes. The categories of entities exempted from corporate income tax is amended, with religious cults, accredited private educational institutions and homeowners’ associations no longer considered exempted. Such entities are now included...
  • The VAT Registration Regime in Romania
    Romania/September 2015 The Romanian Government has recently imposed new procedures for VAT registration, in an attempt to prevent VAT fraud and limit the registration of companies that are set-up exclusively as VAT vehicle purposes. Starting with February 1, 2015, companies incorporated under the Companies Law no. 31/1990 must meet new criteria for VAT registration, according to article 153 paragraph (1)...
  • Romania Introduces Tax Incentives for Business Angels to Stimulate Investments
    Romania/August 2015 Individual investors, known as business angels, will benefit from tax incentives following the acquisition of shares through investments in small and micro-enterprises in Romania. Law no. 120/2015 regarding the stimulation of individual investors – business angels was published in the Official Gazette, Part I, no. 382 of June 2, 2015 and will come into force on July 17,...
  • Distinctive symbolic sign of bureaucracy in Romania disappears
    Romania/July 2015 The Government Decision 17/2015 eliminates the obligation of use of stamp on official documents concluded by legal entities, non-governmental organisations and natural persons, starting with 23rd of July 2015. This could be considered as a plus of trust in business players in Romania and hopefully will help the increase of efficiency of operations, bringing faster decisions put in...
  • New office address in Bucharest: Giving you one more reason to visit us!
    Romania/June 2015 We are pleased to announce that we have moved offices in Bucharest to accommodate our growing team! Our new offices details are as follows: 9-13, Fagaras street, District 1, Bucharest 010897 Phone: +40 (0)21 318 22 62/     (0)21 318 22 99 Fax: +40 (0)21 318 22 64 Email: bucharest@eurofast.eu Please update your address books and come visit us!...
  • Reduced VAT rate 9% for food items
    Romania/June 2015 Starting from June 1st, 2015 the Romanian government extended the range of products and services applying the reduced VAT rate of 9%, including now also food items. The legislative change was introduced through the Governmental Order 6/2015 and Government’s Decision for updated Methodological Norms of Tax Code 367/2015. The list of products and services – food related, allowed...