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Tonight I would like to show you a legislative summary I have received from Ernst&Young, a global leader in Assurance, Tax, Transactions and Advisory services. Below you will find important fiscal and legal data concerning different topics, information that I think could prove valuable in your next endeavors. <\/em><\/p>\n In this issue:<\/strong><\/p>\n · Fiscal Code Norms<\/strong><\/p>\n · Fiscal Procedure Code<\/strong><\/p>\n · Annual profits tax return<\/strong><\/p>\n · New templates<\/strong><\/p>\n · Human Capital<\/strong><\/p>\n · Miscellaneous<\/strong><\/p>\n · Aid schemes<\/strong><\/p>\n This update is accurate to the best of our knowledge at the time of issue. It is, however, meant as a general guide and comes with the recommendation that professional advice be sought before any action is taken.<\/p>\n Fiscal Code Norms<\/strong><\/span><\/p>\n Amendments to the Fiscal Code Norms<\/strong><\/p>\n (Government Decision No. 50 \/ 2012 published in Official Gazette No. 78 \/ 31 January 2012)<\/em><\/p>\n The Decision amends and completes the application Norms to the Fiscal Code and contains amendments regarding profits tax, personal income tax, mandatory social security contributions, withholding tax, local taxes, VAT and excise duties.<\/p>\n Fiscal Procedure Code<\/strong><\/span><\/p>\n Amendments of the Fiscal Procedure Code<\/strong><\/p>\n (Ordinance No. 2 \/ 2012 published in Official Gazette No. 71 \/ 30 January 2012)<\/em><\/p>\n The Ordinance brings certain amendments and completions to Government Ordinance No. 92\/2003 regarding the Fiscal Procedure Code, as subsequently amended and completed.<\/p>\n Annual profits tax return<\/strong><\/p>\n (Ordinance No. 2 \/ 2012 published in the Official Gazette No. 71 \/ 30 January 2012)<\/em><\/p>\n The Ordinance provides that all taxpayers (barring some exceptions) shall file their annual profits tax returns for 2011 by 25 March 2012.<\/p>\n Further to discussions with the tax authorities, it appears that taxpayers that did not submit the profits tax return for the fourth quarter of 2011 and did not pay (if the case) the related profits tax will not be subject to late payment interest and penalties for the period between 25 January 2012 and the moment when the profits tax liability is paid.<\/p>\n New templates<\/strong><\/span><\/p>\n Form 300<\/strong><\/p>\n (Order No. 3665 \/ 2011 published in Official Gazette No. 1 \/ 03 January 2012)<\/em><\/p>\n The Order approves the form and content of Form 300 “VAT return” which will be used for declaring tax liabilities starting with the ones for January 2012. One of the newly introduced provisions refers to the possibility of persons that performed only local operations in the reporting period to opt for a simplified VAT return.<\/p>\n The Order also lays down the procedure for submitting Form 300 with the competent tax authorities.<\/p>\n Form 096<\/strong><\/p>\n (Order No. 53 \/ 2012 published in Official Gazette No. 60 \/ 25 January 2012)<\/em><\/p>\n The Order approves the model and content of Form 096, for the cancelation of registration for VAT purposes, and of the decision regarding the cancelation of VAT registration.<\/p>\n Forms 100 and 101<\/strong><\/p>\n (Order No. 70 \/ 2012 published in Official Gazette No. 75 \/ 30 January 2012)<\/em><\/p>\n The Order amends Order No. 101\/2008 for the approval of the model and content of the forms used for declaring taxes and contributions which are self-imposed or held at source. The amendments refer to the template and fill-in instructions of Form 101, the instructions for filling-in Form 100, and the categories of tax obligations due to the State Budget mentioned in Appendix No.15 of Order No. 101\/2008.<\/p>\n Human Capital<\/strong><\/span><\/p>\n The model and content of tax forms provided in Title III of the Fiscal Code<\/strong><\/p>\n (Order No. 52\/2012 published in Official Gazette No. 72 \/ 30 January 2012)<\/em><\/p>\n The Order approves the model and content of the following tax returns forms: 200, 201, 204, 205, 220, 221, 222, 223, 224, 230, 250, 251, 260.<\/p>\n Criteria for establishing annual income quotas for a single room rented for tourism purposes<\/strong><\/p>\n (Joint Order No. 22\/28 \/ 2012 published in Official Gazette No. 22 \/ 11 January 2012)<\/em><\/p>\n The Order provides the criteria used when establishing the annual income quotas applicable to rooms rented in personal property, with a capacity of tourist accommodation ranging from 1 to 5 rooms, and certain obligations arising for the taxpayers.<\/p>\n Tax residency in Romania<\/strong><\/p>\n (Order No. 74 \/ 2012 published in Official Gazette No. 74 \/ 30 January 2012)<\/em><\/p>\n The normative Act provides a series of criteria for establishing tax residency for individuals in Romania in accordance with the Organization for Economic Cooperation and Development Model of Convention for avoiding double taxation.<\/p>\n The normative Act also provides certain reporting obligations together with the obligation to file certain documents such as tax residency certificate issued by another state (if that be the case), upon arrival in and departure from Romania.<\/p>\n Please refer to our Tax Alert No.2 \/ 14 February 2012 for further details on these changes.<\/p>\n Miscellaneous<\/strong><\/span><\/p>\n NBR reference interest rate starting with 6 January 2012<\/strong><\/p>\n (Circular No. 1 \/ 2012, published in Official Gazette No.13 \/6 January 2012)<\/em><\/p>\n The NBR reference interest rate starting 6 January 2012 is 5.75% per annum.<\/p>\n Own liability statement regarding non-deductibility of VAT on expenses incurred within operational programmes financed through structural instruments<\/strong><\/p>\n (Order No. 33 \/ 2012, published in Official Gazette No. 33 \/16 January 2012)<\/em><\/p>\n The Order approves the internal procedure to be followed by the tax authorities for the certification of own liability statements regarding the non-deductibility of VAT related to expenses incurred within operational programmes financed through structural instruments, which are included in the eligible costs reimbursement request. The procedure shall be applied to projects submitted after 1 January 2012.<\/p>\n Aid schemes<\/strong><\/span><\/p>\n De minimis aid scheme related to competitiveness poles<\/strong><\/p>\n (Order No. 3188 \/ 2011, published in Official Gazette No. 54 \/ 23 January 2012)<\/p>\n The Order approves the de minimis aid scheme for the support and implementation of operation "Development of supporting structures for businesses of national and international concern –Competitiveness poles”.<\/p>\n Through this scheme, financial support is granted for “soft” projects (e.g. financing of consultancy services, management services, expenses for the participation of small and medium enterprises in fairs).<\/p>\n The Order provides the scope of the scheme, the eligible beneficiaries, the budget and duration of the scheme, the implementation procedure etc.<\/p>\n","protected":false},"excerpt":{"rendered":" Tonight I would like to show you a legislative summary I have received from Ernst&Young, a global leader in Assurance, Tax, Transactions and Advisory services. Below you will find important fiscal and legal data concerning different topics, information that I think could prove valuable in your next endeavors. In this issue: · Fiscal Code […]<\/p>\n","protected":false},"author":3,"featured_media":59454,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[216,17,236],"tags":[],"_links":{"self":[{"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/posts\/15239"}],"collection":[{"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/comments?post=15239"}],"version-history":[{"count":0,"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/posts\/15239\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/media\/59454"}],"wp:attachment":[{"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/media?parent=15239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/categories?post=15239"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.iliaspapageorgiadis.ro\/english\/wp-json\/wp\/v2\/tags?post=15239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}