News on VAT regime applicable to intra-community services

Following the transposition into the national legislation of the Council Directive 2008/8/EC of February 12th, 2008, of amending the Directive 2006/112/EC regarding the place of providing services, starting with January 01st, 2010, it was changed the VAT regimen applicable to services. The main novelty is represented by the tax regimen applicable to the intra-community providing services and the intra-community acquisitions of services, tax system that we intend to present it throughout this material.intra-community services, VAT, natural person

Considerations regarding the quality of taxable person in respect of VAT for natural persons

In recent years, the quality of taxable person in respect of added value for natural persons has raised vivid discussions, especially in terms of real estate transactions made by such persons. In what follows, we intend to shape the scope of those activities which, being performed by the natural person, calls for them the quality of taxable person, with all the consequences arising, and to mention the deficiencies of the incident legal texts.VAT for natural persons, real estate transactions, added value

Considerations regarding the tax regime of the sponsorship and patronage operations

Following the conditions in which, the taxpayers accomplish more frequently sponsorship and patronage actions, in this paper, we propose to expose the tax treatment of these operations from the perspective of some trading companies, taxably person registered in purposes of VAT in Romania and payer of tax on profit.sponsorship, tax patronage, fiscal policy, value added tax

Fiscal settlements regargind taxing the incomes of non-resident individuals and legal persons 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.taxation, Fiscal Code, double international taxing

The Romanian agriculture financing in the context of EU integration

There was drawn up a presentation of the Romanian agriculture and financing sources used in the transition period underlying the budgetary and external financing. The paper emphasizes the low level of absorption of external funds starting from the allotted amounts of money and compares them to the sums actually used. Then, there came into the picture the Union support that Romania will take advantage of as a result of the integration and the mechanisms used in this respect: direct payments and market measures and allotted amounts of money.budgetary financing, external financing, SAPARD, PHARE, ISPA, FEADR, FEGA

The choice of exchange regimes by transition countries

Within the assurance process of accession to the EU of the transition countries, the option for choosing the type of monetary and exchange policy regime had also a fundamental role, respectively in choosing an optimal combination between the two types of policies. This choice has been made, mainly, depending on the specific of the transition economies, so that to be chosen those monetary policy regimes, respectively the exchange rate regimes (exchange policy), adequate to the economy situation of each country, but there also have been taken into account other variables with direct implications upon the choosing option of the exchange rate regime, and, implicitly, to the monetary policy in order to control the internal prices and the exchange rate. After the comparative analysis made upon the countries which accessed to the EU in 2004 and taking into account the ideas from the specialty literature, we distinguished three groups of factors which affect the choice of the exchange rate regime of a country: economic base, variable referring to the macroeconomic control and variables referring to the risk of monetary crises.transition countries, manetary policy, risk of monetary crises, exchange rate regimes

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

PUBLIC ADMINISTRATION REFORM IN ROMANIA

When considering the change of the Romanian society, one cannot ignore the public administration system, the need for introducing a modern dimension in this system and for sharing the values of the European administrative space. This article is aimed at approaching these ideas in the context of the impact of the reform process on the public administration in the recent years. The major challenge for local authorities is to create the mechanisms for supporting Romania’s accession to the European Union, in order to deal with the cultural and economic changes, but also to be able to manage European structural and cohesion funds and to implement public policies.public administration, reform, decentralization

RISK AND PROFITABILITY IN BANKING SECTOR OF NEW MEMBERS STATES AND CANDIDATE COUNTRIES

With the recent accession of the new member states to the European Union, there is clearly a need for detailed analysis of their banking system risk and profitability. Rapid credit growth has been a recent feature of financial development in all countries under review and thus constitutes the main financial stability challenge. In general, monetary authorities have responded to these challenges by tightening monetary conditions and prudential standards, with concrete measures also reflecting the different monetary and exchange rate regimes in the region.risk, profitability, candidate countries, new member’s states,

THE VALUE ADDED TAX REGIME FOR THE ASSETS BELONGING TO NATURAL PERSONS WHO ESTABLISH THEIR DOMICILE OR RESIDENCE IN ROMANIA

Until the Romania's accession date to the European Union, to the assets belonging to the natural persons changing their domicile or residence from another country in Romania, it was applied the same regime on the value added tax, respectively there were exempted within certain limits and conditions established by judgments or orders from the government. After the accession date to the European Union, for the natural persons from "third countries", exemption regime is sufficiently clear regulated by an order of the Ministry of Public Finances. Quite complex and controversial issues, which we shall try to clarify further, arise for the natural persons from the member states of the European Union.import, intra-community acquisition, person assets, value added tax