According to this Resolution, starting 1 July 2013, the minimum initial cost of noncurrent assets has been set at RON 2,500, which means that the threshold value of this type of assets has been increased. The Resolution also establishes the treatment of the net book value of noncurrent assets worth between RON 1,800 and RON 2,500, which are in entity’s property on 1 July 2013.
Monitorul Oficial No 331 / 6 June 2013 has published Government Emergency Ordinance No 55 / 4 June 2013, regarding tax and budgetary measures, and amendment of legislative acts.
The Ordinance regulates the organisation and functioning of the Financial Supervisory Authority and introduces aprovision derogating from Art.43 of Law 571/2003, regarding the Tax Code, which stipulates the generally applicable 16% income tax rate, by establishing an 85% tax rate on the compensatory income offered at the termination of employment contracts to employees who have held executive positions, being members of administration / executive boards.
It is likely that, in the period to come, further clarifications will be made on the application of this Ordinance the provisions of which have come into force on 6 June 2013.
Monitorul Oficial No 345 / 12 June 2013 has published Order No 607 / 29 May 2013 of the President of the National Tax Agency, approving the Procedure for the implementation and administration of the VAT group, as well as the model and content of certain Forms.
The Order approves the procedure applicable on the implementation of the VAT group provided by Art.127 (8) of the Tax Code. The provisions of this Order clarify aspects such as:
- implementation of the VAT group: Form, instructions for filling in the Form and related documents;
- manner in which the decision rejecting the implementation of the VAT group may be challenged, and the time interval within which the objection should be handled;
- procedure for changing or annulling the VAT group;
- special rules for the preparation of the first VAT return in the case of a VAT group.
The provisions of the aforesaid Order have become effective on 12 June 2013.
