Senior Editor
Bogdan Neagu
- Fields
- Capital Market, Macroeconomics, Banks-Insurance
- Writing for ZF since
- 2011
- Articles
- 1.841
General commercial rules
Domestic Commercial Transactions Commercial Law The contractual and commercial (“professional”) rules are mainly set out under the Romanian Civil Code (which entered into force on 1 October...
Capital Market
The development of Romanian capital markets is closely linked to privatization. The Bucharest Stock Exchange (“BSE”), initially established in 1864, was re-established in April 1995, but tra...
Foreign Currency Regime
The main provisions currently regulating foreign currency operations are incorporated in NBR Regulation no.4/2005, on the foreign currency regime and Norm no.4/2005 on foreign exchange trans...
Banking and Finance
Romanian Banking System The Romanian banking system entered the recession well capitalized and with good profitability and liquidity levels, which allowed it to absorb the various economic s...
Taxation
Summary of main taxes Standard Corporate Tax: fixed rate of 16% Tax for nightclubs and gambling operations: 5% of total revenue, or 16% of profit, whichever is higher Tax on micro-enterprise...
Indirect taxes
Value Added Tax Romanian VAT legislation is generally in line with the principles of EC VAT Directive 2006/112 (the recast of the Sixth VAT Directive). Romanian VAT legislation uses three di...
Local taxes
Real estate taxes Tax on buildings for individuals: 0.1% of the taxable value of the building (increased by 5% for each 50 sqm for any surface area in excess of 150 sqm). Those who own more...
Personal income taxation
Standard rate: 16% Taxpayers Romanian tax residents are liable to Romanian tax on their worldwide income, whereas non-Romanian tax residents are liable to Romanian tax on their Romanian sour...
Direct taxes
Corporate taxation Standard rate: 16% Corporate taxpayers The following entities are subject to corporate tax in Romania: Romanian companies (defined as “any legal entity that has been estab...
Fiscal procedures / administration
Rulings: Non-binding rulings, advance tax rulings (ATRs) and advance pricing agreements (APAs) are available. Statute of limitations The statute of limitations period is 5 years, starting fr...
Forms of Business Organization
Individuals and legal entities may freely enter into partnerships and set up companies to develop business activities. According to the Company Law (Law 31/1990, as republished and subsequen...
General Information about Romania
Romania is a country of considerable natural beauty, with numerous attractions for the visitor. It has seen significant economic growth in the last two decades, spurred on by EU accession in...