Business Guide to Romania* - Bayern - Europa

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Chapter 3 - Foreign Investment, Privatisation and Foreign Trade Radio-communication National Company are scheduled for 2006, while the privatisation of the Romanian Post Office is schedule to be completed by 2008. 3.3 Trade Foreign trade regulations have been gradually liberalised since 1990 and now broadly follow the guidelines set by the EU. Regulatory Climate A specific license is generally not required for the import and export of commodities into and out of Romania. Exceptions are those commodities subject to quota as stipulated by international trade agreements signed by Romania and those considered as potentially dangerous for human health or the environment. Other non-tariff barriers also apply upon the import or export of certain goods, such as goods susceptible for dual use (both civilian and military) or goods falling under the CITES Convention. Regulatory Authority The Licence Department of the Ministry of Economy and Trade is in charge of issuing trade licences. Other public entities also issue approvals for the import or export of goods that are subject to other non-tariff barriers, e.g. ANCEX (The National Agency for Controlling Exports of Strategic Products). 18 PricewaterhouseCoopers - Business Guide to Romania 2005
Chapter 4 Banking, Finance and Insurance ■ Harmonisation of banking legislation with EU Directives continues ■ Banks continue to expand retail activities ■ New consumer lending legislation is introduced ■ Leasing market continues to consolidate and develop ■ New consolidated capital market legislation in line with EU Directives is passed, to be followed by merger between the Bucharest Stock Exchange and RASDAQ ■ Insurance market continues to develop and to increase its weight in GDP ■ The two remaining state-owned banks, BCR and the Savings Bank CEC, are expected to go private either this year or 2006 4.1 Banking and Other Lending Institutions Romania has a two-tier banking system. The National Bank of Romania (NBR) is Romania's central bank and is under the Parliament's control. Lending institutions operate under the authorisation and strict supervision of the NBR. The privatisation of the largest Romanian bank, the Romanian Commercial Bank, will be finalised at the end of the first quarter of 2006, at the latest. In 2003, EBRD and IFC jointly acquired 25% of the bank's shares, but they will be sold to the new investor when the privatisation takes place. CEC (The Romanian Savings Bank) is also expected to be privatised. The National Bank of Romania A Board of Directors, consisting of nine members elected by the Parliament, heads the National Bank of Romania (NBR). The term of office is usually five years. The Board of Directors includes the governor of the NBR, three vicegovernors (of which one is first vice-governor), and other five ordinary members. It is the responsibility of the directors to issue NBR policy guidelines. The prime functions of the NBR are: ■ Targeting the inflation level. For several years the key objective was to ensure stability of the domestic currency with a view to maintaining price stability; ■ To issue and control the supply of banknotes and coins; ■ To license all banking institutions in Romania and monitor their activities; ■ To establish and manage the state's foreign exchange policy; ■ To establish and manage monetary and credit policy; ■ To supervise the foreign currency operations regime; ■ To align Romania's banking sector and monetary system with EU norms and standards. NBR has its own Supervision Division conducting on-site evaluation of all lending institutions operating in Romania (i.e. commercial banks, credit unions, building societies and companies issuing means of performing electronic payments). This process generally takes place on an annual basis. There is ongoing co-operation between the NBR and international banking institutions, including the IMF and the World Bank, as well as with other European central banks. This is aimed at developing and improving procedures and supervisions and furthering the NBR's transformation into a dynamic, modern central bank. NBR also collaborates on the domestic financial market with the Insurance Surveillance Commission and National Securities Commission for exchange of information and to maintain an adequate surveillance over the financial market in general. PricewaterhouseCoopers - Business Guide to Romania 2005 19
Page 1 and 2: Business Guide to Romania* 2005 Edi
Page 3 and 4: Contents Chapter Page 1. Romania: a
Page 5 and 6: ■ Unions 30 6.2 Working Condition
Page 7 and 8: ■ VAT Compliance 48 10.2 Customs
Page 9 and 10: Chapter 1 Romania: a Profile ■ Ro
Page 11 and 12: upgrades made by Moody's and Fitch
Page 13 and 14: All visitors to Romania require pas
Page 15 and 16: nearly one-third of Romania's banki
Page 17 and 18: Mortgages are created under authent
Page 19: allowance of 20% of the value of th
Page 23 and 24: ■ Taking deposits; ■ Making loa
Page 25 and 26: tried to bring more transparency an
Page 27 and 28: Chapter 5 Corporate and Business La
Page 29 and 30: EUR 25,000 by 31 December 2005). Pa
Page 31 and 32: Chapter 6 Labour Relations and Soci
Page 33 and 34: employment contract with an occupat
Page 35 and 36: Chapter 7 Accounting and Audit Requ
Page 37 and 38: Chapter 8 Taxation of Corporations
Page 39 and 40: exempt from paying profit tax throu
Page 41 and 42: ■ Other salary and/or similar exp
Page 43 and 44: - revenues obtained from management
Page 45 and 46: Income Subject to 16% Flat Tax Rate
Page 47 and 48: ■ Income from sale of movable and
Page 49 and 50: similar function, cinema tickets, a
Page 51 and 52: guarantee import duties could be ob
Page 53 and 54: are transported between tax warehou
Page 55 and 56: also stipulates the elements that s
Page 57 and 58: elationships with key contacts, inc
Page 59: Appendices
Page 62 and 63: Appendix II Appendix II Major Banks
Page 64 and 65: Appendix III Restaurants Phone ■
Page 66 and 67: Appendix IV 481- 482 Internal Settl
Page 68 and 69: Appendix VI Appendix VI Accountants
Page 70 and 71:
Appendix VII (b) Appendix VII (b) W
Page 72 and 73:
Appendix IX Appendix IX Customs Dut
Page 74:
Appendix XI Appendix XI Excise Tax
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