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Second update on Prevention Law
/0 Comments/in News /by StefanAccording to Ionuţ Mişa, State Secretary in the Ministry of Finance, the Prevention Law will be postponed for the second trimester of the year. This delay is explained by the fact that is better for the prevention law to be included in the project regarding the Economic Code.
Uber and Airbnb – are they legal or not?
/0 Comments/in News /by RoxanaAs happened in many other countries, companies like Uber and Airbnb are in Romania subject to many discussions regarding the legality of their activity.
Lately, a draft law was submitted to the Romanian Parliament in an attempt to tax the transactions that are being made through these sites.
Basically, the document defines these transactions made through a tech platform as being part of a so-called “access economy”, a term that is also giving the name of the law. As it tries to define some terms like “tech platform”, “supplier” and “customer” and the relations between the suppliers, the draft law talks about an auto-regulating and taxation of the suppliers’ incomes according to the Fiscal Code, where they are legal entities, or according to the regulations regarding the incomes coming from the independent activities, but without being necessary to establish a company, where they are natural persons.
Furthermore, the owner of the tech platform must issue a document stating the transaction which has the value of an invoice and the supplier is obliged to make sure that this happens.
At the end, the law provides the facts that represents offences and the fines for their committing.
The explanatory memorandum of the draft law states that the document comes as a covering for the legislative gap in the “access economy” area by defining this type of economy, clarifying some elementary terms and regulating the rights and obligations of the participants in this type of economy, as well as the rules of taxing the profit. Moreover, this memorandum specify explicitly that this law is meant to regulate transactions that are being made through platforms like Uber, Airbnb and other sites like these ones.
The document was tacitly adopted by the Senate and is now under procedure in the Chamber of Deputies, where it received a favorable appraisal from the Legislative Council, but with some amendments, and a favorable one from the Judicial Commission.
Not only that this law makes it all more confusing, but it does not set procedures for the obligations it regulates and creates a hybrid way of taxation by making some incomes subject to taxation without being necessary for them to be collected by a legal entity and, therefore, to be indicated in an accountancy.
The draft law can be found here .
Romania wins a trial against European Commission
/0 Comments/in News /by RoxanaRomania gets an important victory in trial case no. T-145/15 before the Tribunal of European Union against European Commission.
The action was submitted on the basis of Article 263 TFEU seeking the annulment in part of Commission Implementing Decision (EU) 2015/103 of 16 January 2015 excluding from European Union financing certain expenditure incurred by the Member States under the European Agricultural Guarantee Fund (EAGF) and under the European Agricultural Fund for Rural Development (EAFRD).
Through this Decision the Commission applied to Romania a correction amounting of about 128 million euros, which was contested in principal for lack of motivation.
Although Romania does not dispute the failures in monitoring alleged against it, it does dispute the financial consequences drawn in the contested decision of the deficiencies found.
The Tribunal held that the complaint alleging insufficient reasons for the rejection of the method of individual assessment of the various deficiencies and the complaint alleging a failure to state reasons in so far as it defines the correction rates applied, are well founded.
The decision may be appealed before the European Court of Justice.
Entire decision can be found here.
Romania – the highest annual economic growth in the EU in the fourth quarter 2016
/0 Comments/in News /by RoxanaAccording to Eurostat (European Statistics Office) Romania registered an economic growth of 4.8% in the fourth quarter 2016 compared to the same period in 2015, which is the highest growth rate in the European Union.
At the end of 2016, the Romania’s economy grew from 4.4% in the third quarter to 4.8% in the forth one.
In comparison, the eurozone economy grew by 1.7% in the fourth quarter 2016 compared to the same period of 2015, while the European Union has recorded annual economic growth of 1.8%, in both cases a smaller increase than the one recorded in the third quarter.