The Legislative Batch Related to the Audit Policy
The European Union has published in the Official Journal the legislative batch related to the audit policy. The complete text is available on the following link: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2014:158:TOC Member States should transpose (adopt and publish) the provisions of the amended Directive within 2 years since its effective date, namely June 16,...

Amendments and Addendum to the Methodological Standards for the Application of Law no.571/2003
The Government decision no.421/2014 for the amendment and the supplement of the methodological standards for the application of Law no.571/2003 concerning the Fiscal Code, approved by the Government decision no.44/2004 has been published in the Romanian Official Journal no.384 of May 23, 2014. These standards broadly bring certain clarifications on the means of applying the regulations related to the tax exemption the reinvested profit and to the tax on constructions. Other clarifications relate to tax payers that use technological equipment under leasing contracts. They also detail on the means of determining the taxable basis for the tax on constructions taking into account certain specific...


FEE Newsletter June 2014
FEE...

The amendment and the supplementing of the application methodological provisions of Law no. 571 / 2003
The Government Decision no.421/2014 for the amendment and the supplementing of application methodological provisions of Law no.571/2003 on the Fiscal Code approved by the Government decision no.44/2004 was published in the Romanian Official Journal no.384 of May 23, 2014. These provisions bring clarification mostly regarding the means of applying the regulations regarding the non-taxation of reinvested income and the tax on constructions. Consequently, in the view of a better understanding of the means of determining the reinvested income, the methodological provisions contain calculation illustrations, classified by disclosure and payment trimestral or annual system for the income tax. Other provisions refer to the tax...


The Professional Standard no.35 ACCOUNTING VALUATION - An Application Guide, the 6th edition, reviewed and updated
One of the primary expert accountant activities carried out over more than 90 years of existence of the Romanian accounting profession, is represented by accounting valuation missions commissioned by judiciary bodies or requested by natural or legal persons, under the provisions of the law, i.e. valuation missions by request, judiciary accounting valuation in civil, criminal or labour-related cases, management valuation, governance valuation, financial and accounting, fiscal and other valuation Expert valuation is, essentially, a personal and critical investigation, that comprises not only the examination of facts from the point of view of formal and material correctness, but also the expert's opinion...

Cash payments are maintained
Early this year, the Ministry of Public Finances prepared an emergency ordinance project through which the Government intended to restrict cash payments for land, residence and vehicles. However, this restriction has been eliminated because "there can be difficulties for transactions in the rural areas", explained de Secretary of State, Mr Dan Manolescu. "According to the new legislative draft, these transactions shall be made under the general limits for transactions between natural persons, namely the daily ceiling of 10,000 lei per transaction. For economic operators, these transactions shall comply with a 10,000 lei –ceiling per day", as noted in a Communication of...