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business

Measures to support the business environment

Romania has declared state of emergency on March 16th, 2020 for a period of 30 days in response to the evolution of the epidemiological situation determined by the spread of COVID-19. In this period, given the difficult economic context caused by the spread of COVID-19 virus, the National Agency for Fiscal Administration has prepared a series of measures to support the business environment, the most important being:

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business

New SME Strategy

The European Commission published on March 10th a new Strategy to help Europe’s industry lead the twin transitions towards climate neutrality and digital leadership. The Strategy aims to drive Europe’s competitiveness and its strategic autonomy at a time of moving geopolitical plates and increasing global competition.

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legislation

Loans to non-financial corporations

As shown in the Bank Lending Survey – February 2020, published by the National Bank of Romania on March 2nd, in the final quarter of 2019, credit standards for non-financial corporations changed marginally, both at aggregate level and by company size and loan maturity. Most of the factors that may have a bearing on credit standards did not impact the latter. The only elements that played a role in the tightening of credit standards were the current or expected capital position of the bank, as well as the NBR’s monetary policy decisions and prudential measures.

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legislation

New rules for exchange of VAT payment data

The growth of electronic commerce, e-commerce, facilitates the cross-border sale of goods and services to final consumers in the Member States. In that context, cross-border e-commerce refers to supplies upon which the VAT is due in a Member State, but the supplier is established in another Member State, in a third territory or in a third country. However, fraudulent businesses exploit e-commerce opportunities in order to gain unfair market advantages by evading their VAT obligations. Where the principle of taxation at destination applies, since consumers have no accounting obligations, the Member States of consumption need appropriate tools to detect and control such fraudulent businesses. It is important to combat cross-border VAT fraud caused by the fraudulent behaviour of some businesses in the area of cross-border e-commerce.

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fiscality

Decisions on monetary policy

According to the press release of National Bank of Romania, in its meeting of 7 February 2020, the Board of the National Bank of Romania decided the following: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to cut the minimum reserve requirement ratio on foreign currency-denominated liabilities of credit institutions to 6 percent from 8 percent starting with the 24 February – 23 March 2020 maintenance period and to maintain the minimum reserve requirement ratio on leu-denominated liabilities at 8 percent.

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legislation

New EU Visa Rules

The EU has issues new rules on short-stay visas to simplify the process for travelers to apply for a visa. These visas will aid visitors seeking to visit Europe for tourism, trade, and business while also providing tools for countering security risks and irregular migration. The new rules apply to citizens from all countries which already need visas for travel to the EU. This includes people from 105 non-EU countries; for those from countries with visa-free travel, there will be no change.

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