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Frequently Asked Questions

Updated on Sunday 17th April 2016

FAQ-Romanian-Accountants.jpg1. What are the main tax authorities in Romania?

 
The Ministry of Public Finance and the National Agency for Fiscal Administration are important tax authorities in Romania. The Fiscal Code is the main legislative document regarding tax and finances.
 

2. What is the audit procedure?

 
Some types of companies in Romania must prepare an annual audit report. This is prepared and submitted by an internal or external auditor and it involves the verification of important financial information. Our Romanian accountants can help you with audit services.
 

3. What are the annual financial statements?

 
The annual financial statements include the profit and loss accounts, the cash flow statements, any changes in equity and additional notes for the annual financial statements.
 

4. What are the simplified annual financial statements?

 
The simplified annual financial statements apply only for some types of companies, those that do not cross a maximum turnover limit. These also include a balance sheet (simplified) and a profit and loss account.
 

5. What are the important taxes for employers Romania?

 
The tax on income in Romania is 16% to which social security contributions and health insurance contributions are added. They can vary according to the working conditions. Our accountants can help you with payroll services.
 

6. What are the financial documents/ledgers a company must keep?

 
The ledgers that must be kept at the company’s registered office include: journal ledger (economic and financial operations), general ledger (assets and liabilities) and the inventory ledger.
 

7. What are taxes for companies in Romania?

 
The corporate tax, the dividend tax or the micro-enterprise tax are examples of taxes for companies in Romania. Our representatives can give you complete details about the taxes, according to the type of business and the business field.
 

8. What are the existing tax exemptions? 

 
Romania has signed a series of double tax treaties which allow for a reduced withholding tax rate for dividends or royalties. A tax exemption for reinvested profit is also applicable under certain circumstances.
 

9. Is VAT registration mandatory?

 
Yes. Any business that supplies goods or services in Romania must pay the standard VAT rate of 24%. Starting with January 1, 2016 the Value Added Tax will have a reduced value of 20%.
 

10. What tax benefits does a foreign investor have in Romania?

 
Apart from the double tax treaties signed with countries like USA or the UK, foreign investors can be eligible for other tax exemptions and can apply tax minimization strategies.
 
For detailed information about taxes and tax compliance in Romania you can contact our Bucharest accounting firm. Our accountants are able to offer you various accounting services for your company.
 
 
 

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