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Through Innovation, a High Performance Culture, Integrity and a mission of “Cutting Through Complexity”, KPMG in Romania is ready for what we face in today’s and tomorrow’s world.

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The Romanian IFRS Institute is a resource dedicated to the implementation process of IFRS, providing useful information about the global financial reporting framework for CFOs, members of the Board, leaders and shareholders of companies.
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Welcome to KPMG in Romania Newsflashes' page.

Law approving GO 8/2013 adopted

The law has been passed by the Chamber of Deputies in its capacity as a decision making chamber and it brings important changes and additions to the original text of the Ordinance.

Social indicators modified

The value of meal tickets and crèche tickets have been indexed by Orders of the Ministry of Labor.

New rules on financial recovery, bankruptcy, voluntary dissolution and liquidation of insurance companies

Law no. 139/2013 on financial recovery and bankruptcy of insurance companies has been published in the Official Journal of Romania no. 260

New mandatory rules on the sale and marketing of construction products

The Regulation aims to establish a uniform procedure for the assessment of construction products performances.

List of states which present a high risk of migration revised

This Order adds the following countries to the list of states whose nationals require an invitation procedure to be granted short-stay visas.

New amendments to public procurement legislation

GEO 35/2013 provides for measures primarily aimed at speeding up and streamlining the procurement process.

Impact of recently established Financial Supervisory Authority

The Law on the establishment, organization and operation of the Financial Supervisory Authority (“FSA”) has been published in the Official Journal of Romania.

Bidders to benefit from fixed payment periods in public procureme

One of the arguments for the adoption in the Community acquis of Directive 2011/7/EU was that public authorities are better placed than companies when entering into a business relationship.

How to better deal with complaints and disputes in public procurement and PPP matters

The competent authorities responsible for the settlement of complaints and disputes arising in the process of public procurement and public-private partnerships have to deal with a plethora of situations.

ANRMAP Report: Contracting authorities’ competences in awarding procedures found weak with relevant implications on bidders

ANRMAP evaluates the conformity of the awarding documentation for public procurement contracts with the applicable public procurement legislation.

New rules to assist companies, for combating late payment in commercial transactions

The contract term for debts payment may not exceed 60 calendar days.

Contracting authorities and undertakings to comply with new payment term in transactions

Directive 2011/7/UE on combating late payment in commercial transactions was published in the Official Journal of the European Union.

Reduced VAT rate for medical lenses

According to a memo dated 20 March 2013, the reduced VAT rate of 9% is applicable for deliveries of aerial or contact medical lenses and their accessories.

Cyprus bailout deal – tax implications

Traditionally, Romanian entrepreneurs have used Cyprus as a location for holding, financing and intellectual property asset management activities.

ECJ: Cosmetic surgery can be VAT exempt

On 21 March 2013, the ECJ issued its decision in case C-92/12 PFC Clinic.

© 2013 KPMG Romania S.R.L., a Romanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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Romanian IFRS Institute

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