VAT registration: Amendments related to the tax risk assessment
By Order of the ANAF President, has been modified the procedure for the assessment of the tax risk for taxable persons requesting the registration for value added tax purposes according to art. 316 par. (1) lit. a) and c) and par. (12) lit. e) of the Fiscal Code.
The Order of the ANAF President no. 167/2019, amending Order no. 2.856 / 2017 was published in the Official Gazette, no. 80 of 31 January 2019 and will apply from 1 February 2019. The decision on the approval of registration for VAT purposes will be issued by the tax authorities under certain conditions on the day the application for registration is filed. Within 15 days of the date of submission of the VAT registration application, the valuation compartment checks the data entered in the self-declaration.
In the event that, as a result of the verifications carried out, the assessment department finds that the information entered in the self-declaration does not correspond to the data available in the tax authority’s records, it shall send the Directorate General for Tax Anti-fraud an address in which are presented the results, in order to dispose the necessary measures.
For taxable persons who applied for registration for VAT purposes, according to art. 316 par. (1) lit. c) of the Fiscal Code for which the tax risk assessment procedure has not been finalized by the date of entry into force of this Order, the procedure in force at the date of filing the application for VAT registration is applicable.
Company law rules in the digital age
In february a provisional agreement was reached on a draft directive that will facilitate and promote the use of online solutions in a company’s contacts with public authorities throughout its lifecycle.As part of the EU Open Data policy, rules are in place to encourage Member States to facilitate the re-use of data from the public sector with minimal or no legal, technical and financial constraints. But the digital world has changed dramatically since they were first introduced in 2003.
According to figures provided by the Commission, there are around 24 million companies in the EU, out of which approximately 80% are limited liability companies. Around 98-99% of limited liability companies are small and medium-sized enterprises, which would be most directly impacted by these improvements.
Decision on determining the contingent of the work permits that can be issued to foreigners in 2019
The number of work permits that can be issued to foreign workers on the labor market in Romania for the year 2019 is 20,000 workers.
Work permits are mandatory for third-country nationals (non-EU/SSE or Switzerland) for employment, in accordance with Ordinance no. 25/2014 regarding the employment and detachment of foreigners on the territory of Romania.
New measures to improve the EU’s investment fund market
Investment funds are an important tool to channel private savings into the economy and increase funding possibilities for companies. The EU investment funds market amounts to a total of €14.3 trillion. However, this market has not yet achieved its full potential. 70% of the total assets under management are held by investment funds authorised or registered for distribution only in their domestic market. Only 37% of Undertakings for Collective Investment in Transferable Securities (UCITS) and about 3% of alternative investment funds (AIFs) are currently registered for distribution in more than 3 Member States. This is partly due to regulatory barriers that currently hinder the cross-border distribution of investment funds.
The agreement reached in february will remove some of these barriers for all kinds of investment funds, making cross-border distribution more transparent, while removing overly complex and burdensome requirements and harmonising diverging national rules. Increased competition will give investors more choice and better value, while safeguarding a high level of investor protection.
Increased transparency in doing business through online platforms
The EU is introducing new rules offering businesses a more transparent, fair and predictable online platform environment, as well as an efficient system for seeking redress. Member states’ ambassadors endorsed the provisional agreement reached on 13 February with the European Parliament on a draft regulation that addresses relations between online platforms and businesses that conduct their business through them.
The main goal of the regulation is to establish a legal framework that guarantees transparent terms and conditions for business users of online platforms, as well as effective possibilities for redress when these terms and conditions are not respected by online platforms.