The Classification of Statutory Auditors and Audit Companies

The Procedure of classification of statutory auditors and audit companies based on the risk of harm to the credibility of the financial reporting has been approved.

The classification of statutory auditors and audit companies is based on specific criteria, hierarchically grouped into three categories, depending on how they may affect the credibility of the financial reports. For each criterion scores from 1 to 4 are given, and these scores are used to calculate the final score of the statutory auditors and audit companies.

Decision no. 27/2014 approving the Procedure on the classification of statutory auditors and audit companies based on the risk of harm to the credibility of the financial reporting^[1]

[1] Published in the Official Journal, Part I no. 581 of 04/08/2014

Customs Formalities for Express Courier Services

The Technical Regulations have been published in connection with the procedure of completion of the customs formalities for shipments carried by express courier services. The legislative act replaces the Technical Regulations on the procedure of customs clearance of shipments carried by express courier services published in the Order of the National Agency for Fiscal Administration no. 7628/2006.

Order no. 2323/2014 approving the Technical Regulations on the procedure of completion of the customs formalities for shipments carried by express courier services^[2]

[2] Published in the Official Journal, Part I no. 579 of 04/08/2014

Support Measures for Investment in Industrial Parks

There are several amendments and additions to Order no. 2980/2013 approving the conditions for granting support measures for investment in industrial parks.

Among the novelties introduced by legislative act, please note:

• The definition of certain terms;
• The non-application of the aid schemes in question (de minimis aid for investment in industrial parks or regional State aids for supporting initial investment ​​in industrial parks) for constructions subject to construction tax as regulated by Title IX^3 of the Tax Code;
• Limitations on the businesses eligible for the regional State aid;
• The maximum budget and the period of application of the new provisions on the regional State aid.

Order no. 1451/2014 amending and supplementing the Annexes to the Order of the Deputy Prime Minister, and the Minister of Regional Development and Public Administration no. 2980/2013 approving the conditions for granting the support measures for investment in industrial parks^[3]

[3] Published in the Official Journal, Part I no. 610 of 18/08/2014

The Procedure of Recalculation of Advance Payments in respect of Tax

The procedure has been approved for the recalculation of advance payments in respect of tax. The template and content of the form “Report on the recalculation of advance payments in respect of tax” have also been approved.

The procedure indicates the cases in which the recalculation of advance payments in respect of tax applies. The recalculation of the advance payments shall be performed following the request of the taxpayer by way of Statement 220 “Statement of estimated income/income tax bracket”, and this shall be accompanied by specific supporting documents.

If the activity is carried out within an association without legal personality, the associate appointed by the association agreement is required to submit Form 223 “Statement on the estimated income for associations without legal personality and entities subject to tax transparency” to the competent tax authorities.

Order no. 2365/2014 approving the Procedure of recalculation of advance payments in respect of tax^[4]

[4] Published in the Official Journal, Part I no. 615 of 20/08/2014

The Approval of the Model for Certain Forms in the field of Tax Claim Collection

There are several amendments and additions in terms of the model forms used for collecting tax claims. The forms in question are used by the competent tax authorities in order to collect the tax claims from the taxpayers.

Order no. 2446/2014 approving the models of certain forms used in collecting tax claims and Order no. 2447/2014 amending the Order of the President of the National Agency for Fiscal Administration no. 1.438/2009 for the approval of the models of certain forms used in collecting tax claims^[5]

[5] Published in the Official Journal, Part I no. 616 of 21/08/2014

The Reference Interest Rate

As from 5 August, the reference interest rate of the National Bank of Romania is 3.25%/year, down by 0.25 percentage points from the previously applicable one (3.5% a year).

Circular no. 25/2014 on the reference interest rate of the National Bank of Romania^[6]

[6] Published in the Official Journal, Part I no. 585 of 05/08/2014

The Granting of the Status of Tax Advisor or Assistant Tax Advisor

The Regulation of organization of the exam for granting the status of tax advisor or assistant tax advisor has been published.

Decision no. 7/2014 approving the Regulation for the organization of the exam granting the status of tax advisor or assistant tax advisor^[7]

[7] Published in the Official Journal, Part I no. 628 of 27/08/2014