Legislative Summary February 2007

Clarifications on applying simplification measures provided by VAT regulations for construction-assembly works
(Order 155/2007 published in Official Gazette 94/6 February 2007)

Please refer to our Tax Alert No. 11 dated 8 February 2007.

Procedure for approval of half-yearly/annual VAT fiscal period
(Order 257/2007 published in Official Gazette 137/26 February 2007)

Format, content and filling instructions for ‘Certificate attesting the status of VAT taxable person’
(Order 273/2007 published in Official Gazette 137/26 February 2007)

Please refer to our Tax Alert No. 16 dated 5 March 2007.

CUSTOMS
Tax treatment for the finalisation of leasing operations ongoing at Accession
(Order 84/2007 published in Official Gazette 80/1 February 2007)

Please refer to our Tax Alert No. 10 dated 6 February 2007.

Technical Norms for application of TIR regime
(Order 431/2007 published in Official Gazette 103/ 12 February 2007)

The Order sets, inter-alia, norms for guarantees, procedures and certain forms for the transit regime covered by TIR cards.

CREDIT INSTITUTIONS

Periodic financial statements templates for credit and Non-Banking Financial Institutions starting FY 2007
(Order 3/2007, issued by NBR, published in Official Gazette 100/9 February 2007)

Please refer to our Tax Alert No. 12 dated 13 February 2007.

Regulations for Non-Banking Financial Institutions
(Regulation 1/2007, Order 4/2007, Norm 2/2007, Norm 3/2007, Norm 4/2007 published in Official Gazette 119/16 February 2007)

Please refer to our Tax Alert No. 14 dated 22 February 2007.


MISCELLANEOUS

Format and content of statement on tax liabilities to the general consolidated budget (Form 100)
(Order 80/2007 published in Official Gazette 93/6 February 2007)

Forms of informative statements (Form 392 and Form 393)
(Order 86 /2007 published in Official Gazette 93/6 February 2007)

Please refer to our Tax Alert No. 11 dated 8 February 2007

Format and content of certain income tax statements provided by the Fiscal Code
(Order 185/2007 and Order 186/2007 published in Official Gazette 115/15 February 2007)

Please refer to our Tax Alert No. 13 dated 20 February 2007.

Monthly reporting to unemployment fund
(Order 103/7 February 2007 published in Official Gazette 127/21 February 2007)

The Order amends and completes the procedure for monthly reporting to the unemployment fund and the payments towards the fund.

Documentation procedure for transport of excisable products under a suspension regime
(Order 110/2007 published in Official Gazette 121/19 February 2007)

Please refer to our Tax Alert No. 15 dated 22 February 2007.

Entry value for fixed assets
(Government Decision 105/2007 published in Official Gazette 103/12 February 2007

The Government Decision sets the minimum entry value for fixed assets at RON 1,800. In addition, in case of fixed assets with an entry value between RON 1,500 and RON 1,800, the remaining undepreciated value shall be either totally expensed upon the entering into force of the Government Decision or during the remaining useful life.

Indexation of nominal value of meal tickets
(Emergency Ordinance 5/14 February 2007 published in Official Gazette 129/22 February 2007)

The Ordinance completes Law 142/1998 on meal tickets. In case a lower value results further to the legal half-yearly indexation of the nominal value of a meal ticket, the nominal value before indexation will be maintained for the coming period.

NBR reference interest rate for February 2007
(Circular 4/2007 issued by NBR published in Official Gazette 93/6 February 2007)

The reference interest rate for February 2007 is 8.75% per annum.

Format and content of the annual levy decision
(Order 186/2007published in Official Gazette 115/15 February 2007)

Please refer to our Tax Alert No.13 dated 20 February 2007.

Computation of social security contribution for labour accidents and professional illnesses
(Government Decision 176/2007 approving the Methodological Norms on the computation of social security contribution for labour accidents and professional illnesses published in Official Gazette 145/28February 2007)

The Norms provide that the contribution due by employers ranges between 0.4% and 3.6% of the total realised gross salary fund. The reporting and payment of the contribution must be done by the 25th of the month following the payment of salaries.

Optional health insurance
(Order 365/2007 approving the Methodological Norms regarding the optional health insurance published in Official Gazette 147/28 February 2007)

The Order provides, inter alia, mandatory information that needs be included in the contract for optional health insurance.

Notification procedure for seconded employees in Romania
(Government Decision 104/2007published in Official Gazette 111/14 February 2007)

Please refer to our Human Capital Alert 1/2007.