Legislative Alert February 2005

Taxation Services - February 2005
In this issue:

- Fiscal Code
- Fiscal procedure
- Accounting
- Banking
- Insurance
- Social Security
- Miscellaneous

FISCAL CODE

Order 67/2005 regarding the form for excises exemption ("Decont de scutire de accize")
(Official Gazette 108 / 2 February 2005)

New form for excise exemption is provided along with the related filling-in instructions.

Order 85/2005 regarding annual income tax brackets and personal deductions for the fiscal year 2004
(Official Gazette 113 / 3 February 2005)

Please refer to our Tax Flash No. 6 / 11 January 2005.

Decision 84/2005 amending the Norms of the Fiscal Code, approved by Government Decision 44/2004 as amended by Decision 1840/2004
(Official Gazette 147/2005)

Please refer to our Tax Flash No. 9 / 11 March 2005


FISCAL PROCEDURE

Order 91/2005 regarding the model and content of the form 100 "Declaratii privind obligatiile de plata la bugetul general consolidat"
(Official Gazette 117/7 February 2005)

The Order provides for filling-in instructions of the Budgetary Liabilities Return. The list of budgetary liabilities and the applicable legislation is also provided. The present order is applicable for taxes and contributions due starting 1 January 2005, with submission deadline on 25 February 2005.

Order 149/2005 regarding the late payment interest related to the final profits tax computation
(Official Gazette 148/18 February 2005)

The Order approves the methodological norms on the computation of late payment interest to the difference between profits tax recorded by companies for the fourth quarter of the fiscal year at the level of the third quarter liability and final profits tax due, computed based on the annual financial statements.

ACCOUNTING

Order 128/2005 regarding certain accounting regulations applicable to companies
(Official Gazette 153/21 February 2005).

The Regulations provide the methodology to be used for accounting incomes related to certain tax incentives. In addition, the Order clarifies the accounting and tax treatment for participations of employees to profit in case of state owned companies.

BANKING

Circular 5/2005 regarding the reference interest rate level for February 2005, as provided by the National Bank of Romania
(Official Gazette 116 / 4 February 2005)

The reference interest rate for February 2005 is set at 15.69% per annum.

INSURANCE

Order 3102/2005 regarding the contributions of insurance companies to the Warranty Fund for 2005
(Official Gazette 107 / 2 February 2005)

The Order approves the contribution rates of insurance companies to the Warranty Fund for 2005.

SOCIAL SECURITY

Order 46/2005 regarding the modification of the application norms to Law 19/2000 (public pension system and social securities)
(Official Gazette 138/15 February 2005)

The Order modifies certain social security returns and provides for the methodology of electronic submission of relevant returns.


MISCELLANEOUS

Order 33/2005 regarding the nominal value of meal vouchers for the first semester of 2005
(Official Gazette 119 / 7 February 2005)

The nominal value of meal vouchers for the first semester of 2005 (beginning from March) is ROL 68,000.

Order 13/2005 on the application of the Regulation which modifies and completes the Regulation concerning state aid for small and medium enterprises (SME)
(Official Gazette 127/9 February 2005)

The new Regulation establishes, for state aid purposes, new criteria (in terms of number of employees and turnover) for small & medium enterprises, small enterprises and micro-enterprises.

Order 101/2005 regarding the enforcement of treaties concluded by Romania with other countries
(Official Gazette 131 / 11 February 2005)

The Order provides that the double tax treaty between Romania and Canada ratified by Romanian Parliament through Law 450/2004 is enforced from 31 December 2004.

Order 147/2005 regarding personalised special regime forms
(Official Gazette 155/22 February 2005)

The Order brings clarifications to Order 1849/2003 regarding the customisation of special forms, providing the mandatory elements of such documents. It also addresses forms issued for secondary premises of companies.

Order 144/2005 regarding the profit distribution for national companies, independent utilities suppliers and fully or partially state owned companies
(Official Gazette 158/22 February 2005)

The Order clarifies the distribution order of net of tax profits for national companies, independent utilities suppliers and fully or partially state owned companies.


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