Romania
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The legal system
Broadly, the Romanian legal system stems from the Roman branch of law, but it is also partly influenced by the Anglo-Saxon branch. Romanian legislation has mostly been brought into line with...
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...
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...