Investment gold: exemption from tax (VAT) in the Romanian fiscal system

“Gold”, the precious metal, does not deteriorate in time, as is the case with other metals; gold has a high value per volume unit, meaning that a very small quantity of it has a relatively high purchasing power. This argument, along with other such advantages identified throughout history, have made the purchase of gold one of the best methods to preserve wealth in time. Even today, investment gold is of particular interest for certain customers/operators, as the authenticity of bullion gold bars is rather easily ascertained, due to the applied markings and the related certificates. Our approach in the present paper mainly relates to the regulatory framework of gold operations as set by state governments, particularly highlighting the specific taxation regulations – their exemption from Value Added Tax. However, before getting into such details, we will first focus on the development of the above mentioned transactions as well as on certain price related issues, etc

Ekonomska analiza razvoja rumunjske crne metalurgije

The ferrous metallurgy represents a traditional occupation, being extremely important for the national economy. Romania has gone through all the stages foreseen for the restructuring of this industry in compliance with the provisions of the European Council’s Decision (1999/582/EC) concerning the partnership for the EU adherence, which included a special chapter on ferrous metallurgy, the provisions of the Protocol no. 2 (ECSC), as well as with other significant normative acts subsequently enacted. Following the performed restructuring – privatizations, state allowances, liquidations, re-technologization – the activity of this sector has developed, still being under the potential of the Romanian metallurgic industry. Nowadays, the disadvantages relating to energy intensity and the increased need for imported raw materials are doubled by the difficulties generated by the global crisis.Crna metalurgija je tradicionalna djelatnost i veoma je značajna za nacionalno gospodarstvo. Rumunjska je prošla kroz sve faze predviđene za preustroj te industrije sukladno odredbama Odluke Europskog vijeća (1999/582/EZ) u svezi s partnerstvom za zajedništvo EU, što je obuhvaćalo i posebno poglavlje o crnoj metalurgiji, te sukladno odredbama Protokola br. 2 (EZUČ – Europska zajednica za ugljen i čelik) kao i drugim značajnim naknadno donesenim normativnim aktima, Nakon obavljena preustroja – privatizacije, državnih subvencija, likvidacija, retehnologizacije, razvila se djelatnost ove grane, ali još uvijek ispod mogućnosti rumunjske metalurške industrije. Danas su se zbog teškoća generiranih od globalne krize udvostručile nepovoljne okolnosti koje se odnose na energijski intenzivne djelatnosti i povećanu potrebu za sirovinama

Gospodarski učinak zabrane državne pomoći rumunjskoj čeličnoj industriji

The adjustment of the Romanian steel industry restructuring programmes to the requirements of the EU and the implementation of such programmes has supported the development and growth of Romanian steel companies.The total amount of State aid allowed in Romania has been of € 1,2 billion and was mainly awarded for financial restructuring and to a smaller extent for exemption from VAT and corporation tax. The EC has constantly monitored the Romanian steel industry and the way in which State aid has been granted by the Romanian government. As a consequence of the restructuring process– whit entry into force the EU Association Agreement was enforced – several obsolescent plants have been shut down because of physical and moral wear and tear, and the total number steelworkers has decreased significantly.Prilagodba programa preustroja rumunjske čelične industrije zahtjevima Europske unije i provedba tih programa pripomogle su razvitku i rastu rumunjskih poduzeća djelatnih u čeličnoj industriji. Državna pomoć odobrena u Rumunjskoj ukupno je iznosila 1,2 milijarde US dolara i uglavnom se dodjeljivala za financijski preustroj, a u manjoj mjeri za izuzeće od PDV-a i poreza na dobit. EK je stalno pratila rumunjsku čeličnu industriju i način na koji je rumunjska vlada dodjeljivala državna pomoć. Kao posljedak procesa preustroja – stupanjem na snagu Sporazuma o pridruživanju EU – zatvoreno je nekoliko zastarjelih tvornica zbog istrošenosti te je broj radnika u čeličnoj industriji značajno smanjen

Excise levying on gold products on the Romanian territory

As regards the trade operations with gold products, the tax regime is rather special. The current paper tackles the most significant aspects of excise levying of this products/jewels type in the Romanian system. The focus is on certain framework elements regarding the fiscal status of the operator with gold products. The study relies on the European and national regulations but it also refers to other works which highlight similar problems

High order Fuchsian equations for the square lattice Ising model: χ(6)\chi^{(6)}

This paper deals with $\tilde{\chi}^{(6)}$, the six-particle contribution to the magnetic susceptibility of the square lattice Ising model. We have generated, modulo a prime, series coefficients for $\tilde{\chi}^{(6)}$. The length of the series is sufficient to produce the corresponding Fuchsian linear differential equation (modulo a prime). We obtain the Fuchsian linear differential equation that annihilates the "depleted" series $\Phi^{(6)}=\tilde{\chi}^{(6)} - {2 \over 3} \tilde{\chi}^{(4)} + {2 \over 45} \tilde{\chi}^{(2)}$. The factorization of the corresponding differential operator is performed using a method of factorization modulo a prime introduced in a previous paper. The "depleted" differential operator is shown to have a structure similar to the corresponding operator for $\tilde{\chi}^{(5)}$. It splits into factors of smaller orders, with the left-most factor of order six being equivalent to the symmetric fifth power of the linear differential operator corresponding to the elliptic integral $E$. The right-most factor has a direct sum structure, and using series calculated modulo several primes, all the factors in the direct sum have been reconstructed in exact arithmetics.Comment: 23 page