KPMG Romania

About
Topics
Industries
Services
Research
Unstoppable

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.

Romanian IFRS Institute

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.
Careers
Events
Alumni

Publication series

Welcome to KPMG in Romania Newsflashes' page.

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.

ECJ: Tax authorities may not refuse VAT registration

On 14 March 2013, the ECJ issued its decision in case C-527/11 Ablessio SIA with respect to situations in which the tax authorities of Member States refuse to assign a VAT identification number to taxable persons.

VAT – reverse charge on cereals

In October 2012, Romania asked to be authorised to continue to apply the reverse charge mechanism in relation to certain cereals and oilseeds.

More severe penalties for tax evasion

The new Law has significantly increased the penalties for offences related to tax evasion.

Changes to the Norms to the Fiscal Code

Extensive amendments have been made to the Norms, as a result of the amendments to the Fiscal Code made by Government Ordinance no. 8 of 23 January 2013.

© 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.

Unstoppable

Romanian IFRS Institute

Publication series