The obligations of VAT payers regarding the ‘reverse taxation’ and the tax adjustment for fixed assets

In accordance with the provisions of Title VI regarding VAT from the Fiscal Code, the suppliers and the beneficiaries of certain goods delivery or services registered with VAT aims, are obliged to apply simplification measures also called “reverse taxation”. The supplier is obliged to write on the issued invoices the mention “reverse taxation” without registering the afferent tax, and the beneficiary will write down the afferent tax and will emphasize it in tax deduction not only as a collected tax but also as a tax deductible, without paying the tax to the supplier. For tax-exempted operations regarding the lease, the granting or the renting of fixed assets, as well as the construction delivery by any person, or of some part of it or of the land on which it is built, as well as of any other land, there are applied adjustment measures of the deducted/undeducted tax.tax adjustment, fixed asset, finishing-construction works, persons subject to taxation, “reverse taxation”

The Submission of Fiscal Declarations by Electronic Means of Transmission at Distance

The unprecedented development of information technology in the past few years has made possible the transmission of information, inclusively fiscal information, by electronic means of transmission at distance. Tax payers can use the method of submission of fiscal declarations by electronic means of transmission at distance as alternative method of deposition of fiscal declarations. The date of deposition of a fiscal declaration is the date of its registration on the site of the Ministry of Economy and Finances, A.N.A.F. portal. The declaration submitted by electronic means is presumed to be signed by the person authorized to sign fiscal declarations, whose signature was attached to the declaration, according to the used digital certificate. The issue of simple and qualified certificates is done by the suppliers of services of certification administered by the National Authority for the Settlement in Communications and Information Technology. The period of validity of a certificate is of maximum 1 year from the date of communication by the client. In case of renewal of a qualified certificate there is issued a new certificate with the same identification and checking data of the electronic signature, as the other validity data. For the submission of fiscal declarations by electronic means of transmission at distance, tax payers should use the service “Depose on-line declarations” existing on the MMSF site, on A.N.A.F. portal.fiscal declarations, electronic means of transmission, digital certificate

Financial-Accounting Settlements Applying in 2008

As a result of the adhesion of our country to the European Union, the adaptation of the EC financial-accounting legislation has emerged as a necessity, new settlements starting to apply with the beginning of the financial exercise 2006. The improvement of the Romanian accounting system has as a main objective the harmonization of the national legislation with the European directives in the domain, in order to accomplish and answer the requests of the European Union, as well as to align itself to the International Accounting Standards, a situation imposed by the process of economic globalization and by the development of the capital market. The improvement of the accounting activity manifests itself especially by the efforts to insure a common framework, approved at international level, to draw up and present financial reports, by which to offer relevant and credible information to shareholders, to potential investors, to employees, clients, suppliers as well as to other commercial, governmental or institutional beneficiaries as well as to other users interested in the financial-accounting information at the level of economic operator. An essential objective is represented by the perfecting of the business environment, within the framework of which the accounting and financial audit system has a main position, insuring correct information, rigorously obtained, on the basis of international standards and certified as a result of the audit processes with a view to the normal unfolding of economic activities in all the sectors of the national economy.financial – accounting legislation, expenses, annual financial reports, financial exercise

Criteria of Recognition of Financial Reports’Structures

In accordance with the provisions of Title VI regarding VAT from the Fiscal Code, the suppliers and the beneficiaries of certain goods delivery or services registered with VAT aims, are obliged to apply simplification measures also called “reverse taxation”. The supplier is obliged to write on the issued invoices the mention “reverse taxation” without registering the afferent tax, and the beneficiary will write down the afferent tax and will emphasize it in tax deduction not only as a collected tax but also as a tax deductible, without paying the tax to the supplier. For tax-exempted operations regarding the lease, the granting or the renting of fixed assets, as well as the construction delivery by any person, or of some part of it or of the land on which it is built, as well as of any other land, there are applied adjustment measures of the deducted/undeducted tax.tax adjustment, fixed asset, finishing-construction works, persons subject to taxation, “reverse taxation”

FISCAL ASPECTS REGARDING TAXING THE INCOMES OF NON�RESIDENTS IN ROMANIA

The tax on the non�residents incomes has become a more present issue, because the new economical and political conjuncture, and especially because of the European one, the foreign companies intending to invest more in Romania. Through Romania�s adhering to the European Union the volume of foreign investments in Romania knew an important increase, and, implicitly, the incomes obtained by non� residents from the activities unfolded in Romania, having as consequence the increase of the tax volumes cashed from this sector. This under the conditions of a favorable fiscal treatment applied to the investors from the European Union compared to the non�residents from the extra�communitarian area. The problem of the tax applied to the incomes of the non�residents knows a few important changes, brought by Romania�s adhering to the European Union, such as, for example, those regarding the tax levels and tax exemption, the new Fiscal Code basing on protecting the residents from the states members of the European Union and on avoiding double international taxing. The specialized international organisms reached to the conclusion that the optimal solution for avoiding double taxing is represented by concluding bilateral or multilateral conventions between states, their disposals having the role to clarify the status of the residents involved in different economical activities in other states We present below the approached problems together with the new changes in force starting with January 1st 2009.non�resident, incomes, tax, double taxing, residence

The Analysis of Regional Disparities in Romania with Gini/Struck Coefficients of Concentration

A key objective of regional development policy is to reduce disparities between regions and to ensure a relatively balanced level of development. To achieve this goal studies and social and economic analysis based on certain techniques and methods of evaluation are necessary. In scientific literature, there are plenty of models that can be applied to assess regional disparities. One of the methods commonly used in practice is related to the calculation and analysis of the degree of concentration/diversification of activities within a region. The increase or decrease in the degree of concentration of certain activities or areas of activity in a region provides information on: - the level of overall economic development; - economic development and growth rate; - the specific features of the region, the potential, local traditions, etc. The expert analysis indicate that, in a high level of overall development or a sustained economic growth rate, there are favorable conditions for economic activities to locate in any region, so they are relatively uniformly distributed throughout the country.Knowing the degree of concentration and also the influence factors are useful in making decisions and setting regional policy measures.This article proposes a synthetic analysis of the development level of regions in Romania with the concentration/diversification model (Gini/Struck coefficients), based on the existing key statistical indicators.regional disparities, concentration/diversification, regional analysis

THE COMPETENCES AND THE IMPACT OF EVALUATION CATEGORIES ON THE FIDELITY OF ACCOUNTING INFORMATION

Due to the fact that accounting evaluation has severe rules and principles, the economic evaluation has the role to assure the reflection of informational valences of an economic entity in order to mark out its capacity to produce future incomes. Even if the role and the characteristics of accounting evaluation are incontestable, we have to mention this process’ consequences on the fidelity of accounting information, considering that a rigorous analysis cannot be realized without detecting the informational liaisons between the balance-sheet and evaluation.fidelity, accounting information, accounting evaluation, international practice

FISCAL SETTLEMENTS OF INCOMES OBTAINED FROM ABROAD BY NATURAL PERSONS RESIDENT IN ROMANIA

The resident natural persons and those who qualify for residency conditions are subject to taxation in Romania for the incomes from any source, both from Romania and from abroad. External fiscal credit can be granted in order to avoid double taxation, so that the person can be entitled to deduct from the tax on income due in Romania the tax of income paid abroad, without exceeding the share of the income tax payable in Romania related to the income from abroad. The procedure of granting external fiscal credit vary depending on different categories of income.resident, external fiscal credit, tax, resident natural persons, foreign states