Legislative News in June 2012

LEGISLATIVE NEWS IN June 2012

Important legal regulations for the business environment in Romania were published in the Official Gazette, Part I, during the month of June 2012, such as:

I. Government Emergency Ordinance no. 31 of 29/06/2012 for amending the regulations concerning the payment services

Published in the Official Gazette, Part I no. 433 din 29/06/2012

The Act came into force on 29 June 2012

The act needed to be adopted given the fact that, according to the previous regulation, the extrajudicial litigations were solved by the National Bank of Romania, a situation that could lead to serios difficulties in the process of solving the claims and could also damage the prestige of the national bank.

For the purpose of obtaining an amicable solution for a litigation, the users and the providers of payment services have now the right to choose the mediation procedure, established by the Law no. 192/2006. This regulation does not affect the right of the users of the payment services to bring an action to the Court of justice or to mare a submit a claim to the National Authority for Consumer Protection.

II. Government Ordinance no. 24 of 29/06/2012 for amending and supplementing the Law no. 571/2003 regarding the Tax Code and other financial regulations

Published in the Official Gazette, Part I no. 384 of 07/06/2012.

The Act came into force on 07 June2012

The amending of the Tax Code came us a result of the obligations assumed by Romania, as specified in the letter of intention and the technical Memorandum, part of the stand-by agreement concluded between Romania and the International Monetary Fund.

According to the new provisions, the deduction of VAT for the purchase, the import and the lease of motorized vehicules from a state member of the EU,was limited to 50 %, if the vehicules are not used exclusively in the interest of the economical activity of the company.

The restriction does not aply to the motorized vehicules with a total authorized load of 3.500 kg, provided with no more than 9 pasanger seats. The VAT is 100% deductible for the categories of vehicles mentioned by the law: 1. vehicles used exclusively for emergency, security or courier services;
2. vehicles used by the sales agents;
3. vehicles for the paid transport of persons;
4. vehicles used for the provision of paid services, including lease of the vehicles;
5. vehicles that are sold as merchandise;

A company registered in Romania wich has the turnover below the amount of 65.000 Euro, can be subject to a special VAT regime (according to the previous regulation the limit was of 35.000 Euro).