January' 2015 | Archive | Blog
Foreign business owners who want to invest in tourism in Romania will benefit from a reduced VAT rate for a number of new services. The Romanian government has recently approved a decision for the modification of the methodological norms of the Fiscal Code in order to make this change in the VAT rate for tourism companies. This measure is likely to encourage business owners to invest more in tourism and open new facilities and resorts in Romania's most beautiful and attractive touristic destinations.
A new procedure for the VAT registration will enter into force starting with February 1. The reason for registration will be stated by completing form 088 which will soon be available. The new regulations issued by the National Agency for Fiscal Administration apply for three distinct situations that require the tax payer to register for VAT purposes. Our accountants in Romania can help you with information about the rules for filling the form as well as additional information.
The total value of real estate transactions in Central and Eastern Europe decreased by 13% last year to 9.8 billion euros. However, investors in Romania did not experience any fall in business activities since Romania remained one of the countries that managed to record impressive investments in the real estate field, being the fourth most popular destination for real estate investments after Poland, Russia and the Czech Republic.