BUSINESS
130 articole · RSS
Accounting
Changes in Romanian accounting rules over the last few years have moved Romanian accounting closer to International Financial Reporting Standards (IFRS), although there are still some signif...
Labor regulations and employment standards
Relationships between employers and employees are governed by the Labor Code and by collective bargaining agreements. In addition, there are other labor regulations on specific issues such a...
EU Funding
Since its EU accession in early 2007, Romania has had access to Structural Instruments and Agriculture Funds. Structural Instruments and Agriculture Funds are allocated by the European Union...
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...
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...
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...