The Employers' Association of Romanian Accounting Entrepreneurs (PACR) is calling for an end to what they say are "chaotic regulations" in the RO e-VAT system and to make tax authorities responsible at the same level as taxpayers.The employers are voicing "deep disappointment" with the implementation of the RO e-VAT system, arguing that it should be abolished, given a recent order of the chairman of the National Tax Administration Agency (ANAF) introducing a pre-filled VAT return, considered "inadequate and inopportune.""If the tax authorities insist on the implementation of the pre-filled VAT return, we would have expected that the amounts presumed by the authorities regarding the VAT payable or VAT to be recovered would be owned up by them."The amounts, they say, especially the VAT payable "requested by the tax authority from taxpayers, are not owned up by the authorities, which shows that the system cannot work efficiently."The employers also point to parts that are not owned up by the tax authorities."Row 38: 'VAT to be paid during the reporting period' - this fundamental element for the national budget, estimated at about RON120 billion from VAT, is not owned up by the authorities. The lack of this information can distort the national budget. Row 41: 'VAT payable cumulatively' - the most important information for any tax analysis, indicating the VAT due cumulatively by the taxpayer, is not included in the pre-filled statement. Row 44: 'Negative VAT amount to be paid' - although the term ?negative' is used, it represents the VAT to be refunded from the national budget to the taxpayer, essential for the national budget and taxpayers, especially for those who make investments or are exporters," according to the employers.The employers say the analysis of the controversial piece of legislation and the challenging situation ensuing the recent order of the ANAF chairman was carried out by Adrian Benta, a tax consultant and financial auditor.
Romania’s Electric Castle was named ‘International Festival of the Year’ at the 20th edition of the UK Festival Awards. The Romanian event triumphed over major international contenders, including Afro Nation (Portugal), Beyond The Valley (Australia), Open’er Festival (Poland), Sziget Festival (Hungary), and Way Out West (Sweden),
President Nicuşor Dan, on December 4, returned to Parliament amendments tightening Romania’s law against extremism, arguing that several provisions are vague and risk enabling abuses, according to a statement released by the Presidency. The Constitutional Court had previously upheld the amendments after the Presidency challenged them, prompting criticism from organisations within the Jewish community. By […]
Fitch Ratings on December 4 affirmed the long-term Issuer Default Rating (IDR) for Romania's largest lender, Banca Transilvania (BVB: TlV), at BBB- with a negative outlook, in line with the country's sovereign rating. The price of the bank's shares rose 1.2% on the day the rating agency announced its decision, bringing the bank's market capitalisation […]
The Romanian authorities will only supervise the operations at Lukoil’s Petrotel refinery and not be involved in its management until a new owner is found, according to an emergency ordinance approved by the government in Bucharest this week, as reported by Hotnews.ro. Russian group Lukoil is seeking buyers for its...
The ‘5 to go’ coffee shop chain announced the signing of a partnership with the national gas station network RO concept OSCAR, owned by businessman Alin Niculae, according to Economica.net. The gas station network has reached 120 strategically distributed stations nationwide, of which more than 90 are franchised under the RO concept...
Romania's Port of Constanţa rose to 10th place among European seaports by cargo volume in 2024, despite handling just over 50 million tonnes, a 14% decline from the 67 million tonnes processed in 2023, Ziarul Financiar reported, citing Eurostat data. Eurostat figures showed that Romania ranked 13th in 2023, with the latest shift driven by […]
