Accounting, business and tax news August 2016
Accounting, business and taxes news August 2016
Business news
Draft law: foreigners can purchase up to 50 hectares of arable land
Romania’s Agriculture Ministry has drafted the law that regulates the purchase of agricultural land by foreigners.
The law limits the maximum surface of land that can be bought by a foreigner to 50 hectaares per person.
It will be applied only after the cadastral survey process will be completed, said the Agriculture Minister.
Romania has 14 million hectares of agricultural land, out of which 3.8 million hectares is organized in farms, whereas 9.3 milion hectares represents arable land, with only 3 million hectares being recorded in the cadastral plan.
Romanian Government adopts measures to reduce bureacracy
Romania’s Government adopted few weeks ago a set of measures to reduce bureaucracy. These include the elimination of the certified copy for various documents that people need to submit to State institutions, the possiblity ot send a copy of the ID card by email and the possibility to pay by card at the tax agency ANAF or the Treasury units.
“The State Intitutions will have to organize themselves so that they can directly transmit the data” said Prime Minister Dacian Ciolos. “The certified copies will be eliminated for a series of documents. The certification will be made according to the original document by the officials requesting such documents”.
Romania attracts zero EU funds in 2014 – 2020 allocation
A memorandum discussed earlier this week in the Government meeting shows that the absorption rate of the UE funds for the 2014 – 2020 programming period is 0%.
The main obstacle in kicking off the program has been a malfunctioning IT system, which is necessary for the EU funds absorption process.
Tax news
New shape, more complex of the statement regarding VAT transactions on Romania’s territory (code 394)
Starting July 2016 the statement regarding VAT transactions on Romania’s territory has a new shape, much more bureacratic and detailed.
The statement for the companies having complex activity reaches up to 16 pages and represents practically a detailed explanation of the company’s activity of a particular month.
It is clear that managing this statement is the bookkeepers challenge of 2016!
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
31.05.2016: 4.5039
30.06.2016: 4.5220
31.07.2016: 4.4654
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%
Apr. 2016 / Apr. 2015 : – 3.25%
May 2016 / May 2015: -3.46 %
Jun. 2016 /Jun. 2016: – 0.70%
Tax deductible loan interest rate
RON: 1.75%
EUR: 4%