Accounting, business and tax news May 2016
Accounting, business and taxes news May 2016
Business news
Daimler will not have a new factory in Romania
German car producer Daimler decided to build its new engine factory in Poland, not in Romania.The company considered building the plant in Romania, but finally decided for Poland.
The investment will amount to 800 million EUR and will create around 1,500 jobs.
Unfortunately, as usually in last years, the reason disclosed by Daimler (like other car producer before) was the lack of infrastructure and of the skilled work force in technical field.
As there are no signs of improvements in any of these fields, Romania will not attract such investments in the near and average future.
Historical decrease of the unemployment rate
In March 2016, the unemployment rate dropped to 6.4%, e.g. down 0.1% comparing to February 2016.
This is a new low for the last six years. The unemployment rate previously reached the lowest level in February 2009, when it went down to 6.5%.
Romania does not have any approved project in Juncker plan
As of today, only Romania and two small EU countries (Malta and Cyprus) do not have any project approved in order to benefit of Juncker plan financing.
Same time, the other 25 EU members have in total 57 infrastructure and innovation projects already approved, for an EU financing in amount of 7.8 billion EUR.
The plan initiated by Jean Claude Juncker in November 2014 offers a 21 billion EUR fund which would generate total investments of 315 billion EUR in EU countries through the multiplying mechanism.
Tax news
Romania joins the Union Customs Code
Romania joined the Union Customs Code (UCC) starting 01.01.2016. The UCC aims to facilitate trade within the European Union and to decrease the compliance costs for companies.
The UCC also supports implementing more unified electronic data processing technique for all information exchanges between trade and customs.
Minimum gross salary increased as of 01.05.2016
The Romanian minimum gross salary increased at 1,250 RON (cca 280 EUR) as of 01.05.2016.
All the work contracts including gross salaries below this limit will have to be amended accordingly.
Macroeconomic indicators
RON / EUR ex-rate evolution
31.12.2011: 4.3197
30.12.2012: 4.4287
31.01.2013: 4.4847
31.12.2014: 4.4821
31.12.2015: 4.5245
31.01.2016: 4.5386
29.02.2016: 4.4634
31.03.2016: 4.4582
30.04.2016: 4.4774
Inflation rate evolution
2011: 5.79 %
2012: 3.33 %
2013: 3.98 %
2014: 1.07 %
2015: – 0.90%
Jan. 2016 / Jan. 2015: -2.23%
Feb. 2016 / Feb. 2015: -2.68%
Mar. 2016 / Mar. 2015: -2.98%
Tax deductible loan interest rate
RON: 1.75%
EUR: 4%