Legislative News in July 2012

LEGISLATIVE NEWS IN JULY 2012

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

I. Law no. 113/2012 from 07.04.2012 on approval of Government Ordinance no. 25/2011 amending art. 7 of Ordinance no. 75/2001 regarding the organization and functioning of the fiscal record, published in the Official Gazette, Part I no. 457 of 06/07/2012.

The Act came into force on 09 July 2012.

Under the introduced changes, the date of removal of the taxpayer from the fiscal is the date when it was declared inactive for the case stipulated in art. 781 par. (1) a) of the Government Ordinance no. 92/2003 on the Fiscal Procedure Code, republished, with subsequent amendments, or on expiry of a period of three months from the date the taxpayer reactivation in case it was declared inactive for cases stipulated in art. 781 par. (1). b) or c) of the Ordinance mentioned above.

In case of death, or cancellation of the taxpayer the following provisions shall apply: in case of cancellation of a previously inactive legal entity, the fiscal inactivity inscribed in criminal record of the legal representative is removed from his record on the expiry of a period of one year from the date of cancellation of the taxpayer.

II. Law no. 126/2012 of 12.07.2012 on approval of Government Ordinance no. 29/2011 amending and supplementing Government Ordinance no. 92/2003 on the Fiscal Procedure Code

The Act came into force on 19 July 2012.

The amendments envisaged in this law refer to the tax certificate.

The Tax certificate is issued by the tax authority of the local administration authority, at the request of the taxpayer or of the public notary (or their respective empowered persons, according to the delegation given by the taxpayer).

The Tax certificate is issued within a maximum two working days after the request and can be used by the taxpayer throughout the month in which it is issued. During the term of its use, the certificate may be presented by the taxpayer, in original or legalized copy.

III. Law no. 148/2012 from 23/07/2012 on electronic recording of commercial transactions published in the Official Gazette, Part I no. 509 of 24/07/2012

The Act came into force on 27 July 2012.

The law establishes the legal status of electronic documents containing data on economic transactions of sale or exchange of goods or services between persons who issue and receive invoices, receipts in electronic form.

By law, bills, tax bills and receipts in electronic form are documentary evidence in the meaning of the Accounting Law no. 82/1991.

In terms of electronic invoices, the person or entity that invoices called the issuer may choose to issue invoices in electronic form, provided guaranteeing authenticity of origin and integrity of content, under the conditions prescribed by law.

The issuer of the invoice in electronic form is responsible for the legality, authenticity, origin and integrity of content.

Receipt in electronic form complies with the requirements of mandatory content established by the legislation in force and contains timestamp and electronic signature of the issuer.