My BUSINESS IN ROMANIA™ podcast

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Permanent Establishment (PE) in Romania 1:33

cách đây 1 year trước1:33

1:33

Understanding the concept of Permanent Establishment, or Permanent Headquarters, or Permanent Office (= ro . Sediu Permanent ) and its implications for foreign businesses is crucial for tax compliance and operational efficiency in Romania.

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A solution for shareholders who fight over access to company documents 2:39

cách đây 2 years trước2:39

2:39

One of the most debated subjects when shareholders start having arguments is the right of access to company documents. There are times when communication problems between the shareholders of a company turn into disagreements, then escalate into conflict. Reasoning doesn’t help anymore, egos get over-inflated, and the conflict becomes disruptive for the company as a whole. Everything gets amplified, court cases follow, and a business that started with the best intentions ends up at risk. And here is where the Romanian Companies Law 31/1990 steps in to help: close to the end of the law, in its final provisions, article 283(3) states “ La societăţile existente, asociaţii pot modifica actul constitutiv, prevăzând în el documentele la care aceştia urmează să aibă acces [...[ ”. This means that the shareholders have a very good instrument at their disposal, to prevent arguments: from the very beginning of the company, they can agree in the Articles of Association the extent and the mutual limits of access to company data and documents. For instance “ offers in 30 days information regarding bank statements ”, or “ in case one shareholder starts another company with the same object of activity, without the approval of the other shareholder(s), then access to information about clients is limited to [...]”. Call it a safeguard for mutual protection. Establishing the rules early on, when the company is new, helps prevent disagreements in the future. Also for existing companies, updating their Articles of Association taking into consideration article 283(3) of the Companies Law is recommended. Therefore, the best way to prevent shareholders from fighting is rooted in an old Romanian saying: “ Socoteala curata, prietenie adevarata ” Transparency and pre-agreed rules between shareholders help navigating the meanders of temporary disagreements before actually reaching a critical point for failure in inter-personal communication. https://www.piroi.org/post/a-solution-for-shareholders-who-fight-over-access-to-company-documents…

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How to read a Romanian trial balance 21:36

cách đây 5 years trước21:36

21:36

The trial balance - or, for short, the “balance” - represents the mirror of my company’s activity. All the operations that I run reach the accounting document called the trial balance. Sooner or later I will need to understand it in detail so that I can better coordinate my business - therefore I can already start by forming an overall impression on the types of information that the balance may offer. https://www.piroi.org/post/how-to-read-a-romanian-trial-balance…

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📲 Mobile App Review: Mandatory Day Workers Registry | Registrul Zilierilor - Inspectia Muncii 🆕 11:37

cách đây 5 years trước11:37

11:37

With the entry into force of the Order of the Ministry of Labor and Social Protection No. 1140 / 2020, starting with July 25, 2020, the beneficiaries have the obligation to keep records of day laborers in the Electronic Register of Day Workers. Video: https://www.youtube.com/watch?v=Fy-S2GtsDO4 Source: https://www.inspectiamuncii.ro/registrul-electronic-de-evidenta-a-zilierilor…

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🟦🟨 Emergency Status Certificate 2:34

cách đây 5 years trước2:34

2:34

The Ministry of Economy, Energy and Business Environment offers, on request, Emergency Status Certificates to the businesses affected by the COVID-19 pandemic. The request for an Emergency Status Certificate is done on http://prevenire.gov.ro/ and needs to be signed with the electronic signature of the legal representative of the business - or a delegate, holder of an electronic signature. The Emergency Status Certificates are of two types : 🟦 TYPE 1 (BLUE) - for businesses who were temporarily suspended by the public authorities; 🟨 TYPE 2 (YELLOW) - for businesses who suffered losses in March 2020 greater than 25% of the cash received on average in January-February 2020. The certificates are used in relation to the public authorities for obtaining facilities - or for trade relationships.…

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🦠 COVID-19 emergency tax measures ⚠️ 7:36

cách đây 5 years trước7:36

7:36

Welcome back, here’s a summary of the measures adopted by the Romanian Government through Emergency Orders during the economic crisis caused by the coronavirus disease COVID-19. The latest is about technical unemployment, an important facility for companies during the suspension of the labour contracts. There are two categories: companies whose activity was temporarily suspended by the Government - and companies who suffered losses greater than 25% due to the crisis. We also speak about deferred tax deadlines and other tax facilities - and how to benefit from them. Transcript available on https://www.piroi.eu/tax-news/covid-19-crisis-tax-facilities…

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How to get back the VAT code (5) after having lost it 2:09

cách đây 5 years trước2:09

2:09

Regaining the VAT code takes longer than getting it in the first place, because the tax inspectors are more alert to potential irregularities, even if the initial loss of the VAT code has just been the result of a missed deadline. Therefore, the best thing to do is to keep good hold of the VAT code once obtained: I must not lose it 😊 If, however, I manage to lose it, getting it back is not impossible: it just involves some additional steps and documents https://www.piroi.eu/my-business-in-romania/start/tax-details/getting-the-vat-code/regaining-the-vat-code-after-losing-it…

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How to get the VAT code (4) for e-commerce 2:20

cách đây 5 years trước2:20

2:20

This type of VAT code is for companies from outside Romania - which sell in Romania, via e-commerce/distance sales, above the threshold of EUR 25_000 (RON 118_000) https://www.piroi.eu/my-business-in-romania/start/tax-details/getting-the-vat-code/the-vat-code-for-e-commerce-distance-sales

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How to get (3) the special VAT code for EU transactions 1:34

cách đây 6 years trước1:34

1:34

my Business in Romania is not registered as a VAT-payer, however I need to do a one-off transaction with a company from the EU. Normally I would need to register my Business in Romania as VAT payer - but here's an alternative: the special VAT code for intra-EU transactions. After getting this special VAT code, I will pay VAT 19% in Romania on the intra-EU transaction, however I will not be registered as a full VAT payer in relation to my transactions with other companies from Romania https://www.piroi.eu/my-business-in-romania/start/tax-details/getting-the-vat-code/the-special-vat-code…

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How to get the VAT code (2) above the 300_000 lei threshold 3:28

cách đây 6 years trước3:28

3:28

⚠️ I have to register my Business in Romania for a VAT number in 10 days after it passes the revenue threshold of RON 300_000. Obtaining the VAT code for my Business in Romania is done in 2 stages. The first is optional if I already have a Romanian Tax ID as an individual: 1. As a foreigner, I must register myself with the Romanian Tax Agency as an individual person; 2. I apply for the VAT code for my Business in Romania.…

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How to get the VAT code (1) below the 300_000 lei threshold 1:18

cách đây 6 years trước1:18

1:18

Getting a VAT code at the start of the company - or anytime below the revenue threshold of 300 000 lei - is called in Romanian “înregistrarea în scopuri de TVA prin opțiune” (=en. Registering for VAT as an option) More details: https://www.piroi.eu/my-business-in-romania/start/tax-details/getting-the-vat-code/below-the-revenue-threshold-of-ron-300000…

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🆕 Beneficial Owner Form | deadline extended 3 months after the end of the Alert Status 1:36

cách đây 6 years trước1:36

1:36

All Romanian companies must file the Beneficial Owner Form to the Trade Registry. The penalty for non-compliance is from RON 5 000 to RON 10 000. The Government Emergency Ordinance 191 of 30.10.2020 has just extended the deadline to 3 months after the end of the Alert Status. https://www.piroi.eu/my-business-in-romania/start/reporting-details/beneficial-owner-form…

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My first tax inspection: High Net Worth Individual (HNWI) in Romania 5:53

cách đây 6 years trước5:53

5:53

All taxpayers which have expenses significantly greater than the income declared in the Single Tax Statement (= ro . Declarația Unică ) will be subject to an analysis from the tax inspectors, to identify if the taxpayer has income which she has not declared. A tax inspection can also be launched. Let's see how it goes…

cách đây 6 years trước1:47

1:47

With only two weeks left to submit the Consolidated Tax Statement (= ro . "Declaratia Unica"), today we’re speaking about one of its key components: the social insurance tax on dividends. We’re structuring the discussion in who needs to do what

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