The Foreign Investors Council (FIC) welcomes the amendments to the e-VAT normative act, agreed upon with the Ministry of Finance representatives during the meeting on June 27. The modifications decided upon include: A 6-month grace period during which no penalties will be applied, and the VAT information statement will not affect the taxpayer’s tax risk. The possibility of testing the system during a 6-month pilot phase. Access to data collected from taxpayers by ANAF through the SPV. The establishment of a consultative group by the Ministry of Finance and ANAF to identify necessary adjustments for the proper functioning of e-VAT in collaboration with the business environment. FIC emphasizes that the digitalization and modernization of ANAF are essential for increasing tax collection, reducing the VAT gap, and easing the pressure on the state budget. For over a decade, FIC has contributed position papers and good practice examples to support these efforts. The digitalization measures of tax administration—such as SAF-T, e-Invoice, and e-Transport—require sustained efforts from companies. These measures demand predictability throughout the implementation process and close collaboration between the business environment and the Ministry of Finance to identify and resolve blockages. Companies expect that implementing these measures will lead to better tax collection, simplified fiscal compliance, and a reduced administrative burden. Therefore, data already collected by ANAF should be analyzed, and no additional measures should be taken that excessively burden taxpayers. Adopting good practices from other countries, which have achieved higher tax collection through digitalization and conducted studies to detect fiscal gap causes, established clear measures, and set a feasible implementation timeline, is also recommended.
Human remains and archaeological artifacts dating thousands of years were discovered during construction work at the site of the Regional Oncology Hospital in Iași, in eastern Romania. Researchers from the Institute of Archaeology of the Romanian Academy's Iași branch uncovered several important artifacts during the dig. The team led by Dr. Măriuca Vornicu dated the […]
DropCoal, the experiment developed by the Romanian InSpace Engineering (RISE) with the support of the European Space Agency (ESA), is now operational on the International Space Station (ISS). Astronaut Donald Pettit installed it last week in the ICE Cubes Facility, and the entire process went smoothly, according to RISE. The experiment will run for 6 months […]
For the first time in modern history, Hungary holds more gold reserves than Romania after the National Bank of Hungary purchased 14.5 tons of gold at the end of September this year, according to Tavex Romania. The price of gold gold has increased by 25% this year alone and reached an all-time high of USD […]
While half of Romanian households manage to save money each month, 57% of these savings are kept in cash, according to the 2024 Debt Barometer, a study conducted by IRES in partnership with KRUK Romania. The research looks at financial habits, spending priorities, and debt payments, highlighting a pressing need for economic education and tailored […]
Romania’s national football team defeated Cyprus, 4-1 (2-0), on Monday, November 18, and consolidated its position as leader in Group C2 of the Nations League. The match began in Bucharest’s National Arena, and Romania scored immediately through forward Daniel Bîrligea. Cyprus responded with their own attacks but Romania scored again right before halftime. Back on […]
In an official statement marking 1,000 days since Russia began its full-scale invasion of Ukraine, US ambassador to Bucharest Kathleen Kavalec said the United States and Romania "stand together to counter the threats posed by Russia in Ukraine and in Europe" and thanked Romania for its support for Ukraine and its citizens. "Romania has shown […]
