Accounting, business and tax news October 2016
Business news
Standard&Poor’s reconfirms the rating of the government debt of Romania at BBB-/A-3, with stable perspective
S&P Global Ratings reconfirmed the rating of the government debt of Romanian on short and long term, in local currency and foreign currencies, at BBB-/A-3, with stable perspective.
According to the Romanian Finance Ministry, this reconfirmation is based on good economic results obtained by
Romania, e.g. a moderate government debt and the perspective of a continuance of the high rhythm of economic increase.
The economic increase rate of Romania was of 3.8% in 2015 and of 5.2% in sem I 2016, the highest one from the European Union.
Tax news
Romanian Fiscal Code, to be changed again The Romanian Finance Ministry posted on its Internet site some
proposals of measures to be applied starting 2017, to be included in a Law modifying the Fiscal Code.
The most important ones, having impact on the business environment, would be:
– Elimination of the obligation of the companies of the registering into the Registry of Intra-Community
Operators, as it is a bureaucratic and time consuming procedure. The State developed some other ways to
control the Intra Community transactions of the Romanian entities.
– The possibility for the companies having a share capital exceeding 10,000 EUR to choose to switch the taxation regime from microenterprise tax to profit tax. The beneficiaries would be the companies which are in the initial investment phase of their activity;
– Extension of the period of applying the profit tax exemption for the re-invested profit. The beneficiaries of
this measure would be all the companies investing in assets like technologic equipments, computers, software
etc;
– Tax incentives to be granted to the companies interested in programs of professional qualification. The
beneficiaries would be the companies having students as employees;
– Tax amendment for the companies that lost the VAT code and then re-obtain it. These companies will have
the right to re-invoice with VAT all the sales they realized in the period when their VAT code was cancelled or
suspended – their beneficiaries will have the right to deduce the VAT from these invoices, and the companies
will have to deduce the VAT from their purchasing invoices.
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
31.08.2016: 4.4488
30.09.2016: 4.4514
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%
Jul. 2016 / Jul. 2015 : -0.78%
Aug. 2016 / Aug. 2016: – 0.20%
Tax deductible loan interest rate
RON: 1.75%