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Romania: Anti-Money Laundering

The following reporting entities are subject to Anti-Money Laundering requirements in Romania: a) Romanian legal entities credit institutions, and branches of foreign legal entities credit institutions; b) Romanian financial institutions and branches of financial institutions from other Member States; c) private pension fund managers for their own behalf and for

Deductibility of medical tests for COVID-19 infection diagnosing for employees

Emergency Ordinance no. 181/2020 on some fiscal-budgetary measures, for the amendment and completion of some normative acts, as well as for the extension of some terms. Article 20 specifies the following: “Law no. 227/2015 on the Fiscal Code, published in the Official Gazette of Romania, Part I, no. 688 of

Fiscal facilities related to expenditures on early education, vocational and technical education, and dual education

Law no. 239/2020 for the amendment and completion of Law no. 227/2015 regarding the Fiscal Code Article 25 (4), after point (i), has two new points (i1) and (i2) with the following content: “i1) the expenses regarding the operation of the early education units under the administration of the taxpayer

Reporting DAC6 – cross-border transactions

Companies must conclude the analysis of all cross- border transactions with business partners from other states This analysis must be strongly documented in order to be able reasoning of the decision of reporting to authorities or not needed the reporting. Cross-border transactions occurred during period 01 July 2020 – 31

Government Decision no. 4/13.01.2021 on the establishment of the minimum gross base salary guaranteed for payment at national level

According to Government Decision no. 4/13.01.2021 published in the Official Gazette, starting with the date of entry into force of this decision, the minimum gross base salary guaranteed for payment at national level will be: from LEI 2.230 lei to LEI 2,300 for an average full-time schedule of 169,333 hours/month, 13,583 LEI/hour

Internal Regulations and the obligation to update according to the new legal provisions

In accordance to provisions of Law no. 53/2003 of the Labor Code with the subsequent amendments and updates, the employers have the obligation to prepare Internal Regulation within 60 days from the date of obtaining the legal personality. Internal Regulations shall include at least the following categories of provisions: rules

Romania: Last Call of 2020: Tax Incentive for Corporate Social Responsibility Projects

Q4/2020 is the time of the year when companies should act promptly to plan their next CSR projects and benefit from tax credit. Tax credit for sponsorship expenses is granted up to the lesser of: 0.75% of turnover or 20% of the corporate profit tax due. In the particular case

Assessment of the risk of accident and occupational disease

We draw attention to the following aspects related to the obligation of employers to ensure the safety and health of employees in all aspects related to work (Labor Code - Title V, Chapter 1, art.175). Law no. 319/2006 on occupational safety and health contains the following provisions regarding the obligation

Notice upon submitting the declaration upon real beneficiary

Due date for submitting the declaration of the real beneficiary for companies incorporated before Law 129/2019 entered in force is according to EO 191/2020 90 days from ending of the alert state. Due date is valid both for companies registered with the Trade Registry and for the associations and foundations

Incentives in rescheduling payments in accordance with Emergency Ordinance no. 181/ 26 October 2020

Companies with tax liabilities higher than 5,000 lei, generated after starting date of emergency state ( March 16th, 2020) can benefit of some incentives in rescheduling related payments in accordance with Emergency Ordinance no. 181/ 26 October 2020. The procedure to be followed includes the following steps: the application must be submitted latest December