Accounting, business and tax news November 2016
Business news
How easy is to start a business in Romania?
It is more easy to start a business In Romania than in Bulgaria or Hungary, says the study “Doing Business 2017”, realized by the World Bank, which however mention the negative effects of the current VAT registration procedure has on business environment.
Out of which 190 countries counted in this study, Romania ranks the 62nd place when analyzing the easiness of opening businesses.
According to the study of the World Bank, an investor must go through 6 procedures, taking 12 days, in order to open a business.
Conversely, the study highlights the complicated procedure of VAT registration, which blocked the activity of many companies. In January 2016 the Romanian Tax Authority introduced the necessity of disclosing of numerous data, among which the study diploma of the shareholders and administrators, or their past incomes.
The strong point of Romania is cross border commerce, where it ranks the first place in the world. The study emphasize that the Romanian companies need only one hour to draw the import – export papers.
Other parameters of Romania disclosed by the study:
– Easiness to obtain the construction permits: place 95
– Registration of the properties: place 57
– Crediting: place 7
– Protection of minoritary investors: place 53
– Easiness to pay the taxes: place 5-
– Application of the contracts: place 26
– Solution of the insolvencies: place 49
Tax news
The Romanian Tax Authority will provide data regarding the
tax payers to other public authorities only in electronic format.
A project of Law displayed on the internet site of the Finance Ministry reveals the fact that the Tax Authority will provide data to other public authorities thorough a secure online system.
The tax payers’ data to be disclosed will refer to:
– bank accounts
– properties
– revenues
– taxes
Macroeconomic indicators
RON / EUR ex-rate evolution
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
31.08.2016: 4.4488
30.09.2016: 4.4514
31.10.2016: 4.4978
Inflation rate evolution
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%
Jul. 2016 / Jul. 2015 : -0.78%
Aug. 2016 / Aug. 2016: – 0.20%
Sep. 2016 / Sep. 2016: -0.67%
Tax deductible loan interest rate
RON: 1.75%
EUR: 4%