The government adopted at its meeting on last Friday a regulatory act providing for the obligation of all legal entities with activities in the oil and gas sector to pay the additional turnover tax."According to the new regulations, all legal entities that operate in the oil and gas sectors are required to pay the additional turnover tax. The ordinance indicates the NACE codes associated to main or secondary activities in the oil and natural gas sectors, clarifies the scope of application of the additional turnover tax, by establishing specific rules for the payment obligation for foreign legal entities that either individually or in a form of association deliver goods, provide services on the territory of Romania or deliver goods from Romania's territory, conducting activities in the oil and natural gas sectors, but which have not a registered permanent seat in Romania," a government release states.The Executive mentions that in order to reduce the tax default risk, rules are set in place for the respective legal entities to pay a security of 1,000,000 euros, as well as rules for the appointment of a representative for the calculation, statement and payment of the said tax.The ordinance also provides for the exclusion from the scope of the additional turnover tax, under certain conditions, of taxpayers who collect income from the sale of solid fuels, naphthalene, heating oil, lamp oil, hydrogen, lubricating and cooling products.The regulatory act also establishes rules for the enforcement/exit from the taxation system, for legal entities that begin/end operating in the oil and natural gas sector, clarifies that the additional turnover tax does not fall within the scope of Romania's double taxation avoidance conventions with another state, and introduces the necessary technical correlations required by the proposed amendments/additions.
Contakt Express Logistik S.A., the Romanian market leader in accessories for phones and tablets, announces the approval of its Prospectus by the Financial Supervisory Authority and the launch of its initial public offering. Following the successful closing of the offering, the company will be listed on the Bucharest Stock Exchange, on the AeRO Market, under […]
The Romanian Environment Ministry has launched a public consultation on changes to national air quality regulations that would allow residents to see real-time pollution levels, replacing the current system based on 24-hour averages. The draft order updates Order 1818/2020, which defines how air quality indices are calculated and reported nationwide. Environment minister Diana Buzoianu said […]
The Bishop of Cluj-Gherla, Claudiu Lucian Pop, has been appointed as the new Major Archbishop of the Greek-Catholic Church, a position that became vacant following the passing of 94-year-old Cardinal Lucian Mureșan in September of this year. The new leader of the Romanian Greek Catholic Church, or the Romanian Church United with Rome, was elected […]
WWF Romania has launched a series of planting initiatives in Bucharest aimed at supporting declining pollinator species, joining forces with local environmental groups to transform urban green spaces into habitats for bees, butterflies, and other beneficial insects. The first intervention took place on November 1 in the 400 sqm garden of the Museum of Maps, […]
Update: Liberty Steel Group reacted to the investigation on Friday, saying that it is cooperating with the authorities but denying any wrongdoing. A spokesperson said: “Liberty and its management have always acted in full compliance with Romanian laws and regulations, following local legal advice. The company is cooperating fully with the authorities in their investigation […]
Romanian prosecutors conducted searches on Friday, November 7, at the headquarters of the steel mill Liberty Galați and in several counties, in a case of embezzlement and tax evasion that includes Russian gas giant Gazprom, Economedia.ro reported. Specifically,...
