Legislative News in October 2012

LEGISLATIVE NEWS IN OCTOBER 2012

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

I. Order no. 1331 of 09/10/2012 issued by the Minister of Public Finance concerning the model, content and the instructions for completing the forms usued in the activity of ecomonic and financial inspection

Published in the Official Gazette, Part I no. 733 of 30/10/2012

The Act came into force on 30 October 2012.

The act establishes the form and the instructions for completing the documents usued in the activity of ecomonic and financial inspection, detailed by the provisions of the annexes no. 1-14 of the order.

The National Agency for ecomonic and financial inspection and the local services of the National Agency of Public Finance located in Bucharest and in each county will verify the correct implementation of this order.

II. Order no. 1286 of 01/10/2012 issued by the Minister of Public Finance, approving of accounting regulations harmonised with the International Financial Reporting Standards, applicable by companies traded on a regulated market and clarifying the application of IFRS by such companies.

Published in the Official Gazette, Part I no. 687 of 04/10/2012

The Act came into force on 04 October 2012.

The order establishes the obligation for the companies traded on a regulated market to adjust the accounting system to IFRS provisions. The act provides details of the manner in which IFRS should be applied by the companies, starting from the 2012 financial year.

III. Order no. 1436 of 28/09/2012 of the National Tax Administration Agency approving the procedure of registering, upon request, for value added tax purposes in compliance with art. 153 ( 9¹) ( b )- ( d ) of the Law no. 571/2003 regarding the Tax Code, as well as the model and content of some forms.

Published in the Official Gazette, Part I no. 688 din 05/10/2012

The Act came into force on 05 October 2012

The National Tax Administration Agency can annul the VAT code of a company in the cases specified by art. 153 ( 9¹) ( b )- ( d ) of the Law no. 571/2003 regarding the Tax Code.

Under this order, the companies may register again for VAT purposes if their tax number has been annulled; the order mentions the specific procedures for a new registration for VAT purposes, subject to the reason why the VAT number has been annulled.

IV. Law no. 185/2012 approving Government Emergency Ordinance 1/2012 suspending the application of some provisions of Law 9/2012 with regard to the car pollution tax, as well as refunding contributions paid under the provisions of art. 4, paragraph 2 of the same law,

Published in the Official Gazette, Part I no. 724 din 25/10/2012.

The Act came into force on 28 October 2012.

The application of the provisions of the Law 9/2012 was suspended until 01 January 2013, to grant the authorities the needed time to simplify the car pollution tax procedure.

The law regulates also the situation of people who have paid the tax for the transcription of the car ownership right. In such cases, the contributors may address the authorities for the car pollution tax restitution.