Business Guide to Romania* - Bayern - Europa

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■ Business Profits 37 ■ Capital Gains 37 ■ Interest, Royalties and Service Fees 37 ■ Dividends 37 8.4 Deductibility of Expenses 38 ■ Provisions and Reserves 39 ■ Changes in the Destination of Reserves and Funds 39 ■ Thin Capitalisation Rules 39 ■ Transfer Pricing 40 ■ Losses 40 8.5 Tax Computations 40 ■ General Aspects 40 ■ Consolidation 40 8.6 Other Taxes 40 ■ Withholding Tax 40 ■ Property Tax 41 ■ Health Tax 41 ■ Advance Tax Ruling 41 9. Taxation of Individuals 42 9.1 Individual Income Taxpayers 42 9.2 Taxable Income and Method of Taxation 42 ■ Salary Income 43 ■ Income from Independent Activities 43 ■ Rental Income 43 ■ Income from Pensions 43 ■ Income from Agricultural Activities 43 ■ Income from Prizes 43 ■ Other Income Subject to 16% Flat Tax Rate 43 ■ Income from Investments 44 ■ Income from Real Estate Transactions 44 ■ Income from Gaming 44 9.3 Tax-exempt Income 44 9.4 Deductions from the Annual Income Tax 45 9.5 Taxation of Non-residents 45 10. Indirect Taxation 46 10.1 Value Added Tax (VAT) 46 ■ Scope of VAT 46 ■ Place of Supply 46 ■ Taxable Regimes 46 ■ Import VAT 47 ■ VAT Incentives 47 ■ Simplification Measures 47 ■ Taxable Amount 48 ■ Non-Deductible Input VAT 48 4 PricewaterhouseCoopers - Business Guide to Romania 2005
■ VAT Compliance 48 10.2 Customs and International Trade 48 ■ Customs Duties 48 ■ Temporary Import Relief 48 ■ Customs Duties Incentives 49 ■ Verification of the Declared Customs Value 50 ■ Import Restrictions 50 ■ Customs Regime for Individuals 50 10.3 Other Indirect Taxes 50 ■ Excise Duties 50 ■ Clearance Fees 51 11.Fiscal Procedure 52 11.1 General Principles 52 ■ Liability of Other Persons 52 ■ Rules Governing Evidence 52 ■ Fiscal Administrative Acts 52 ■ Fiscal Domicile 53 ■ Tax Jurisdiction 53 ■ Other Rules 53 11.2 Specific Tax Procedures 53 ■ Tax Registration 53 ■ Tax Returns and Tax Assessment 53 ■ Tax Audit 53 ■ Collection of Budgetary Receivables 53 12.PricewaterhouseCoopers in Romania 54 ■ Assurance Services 54 ■ Advisory Services 55 ■ Tax Services 56 ■ Legal Services 56 Appendices 57 Appendix I Government Ministries - contact details 59 Appendix II Major Banks - contact details 60 Appendix III Hotels and Restaurants 61 Appendix IV Chart of Accounts - for companies applying OMF 94 or OMF 306/2002 63 Appendix V Major Differences between OMF 94 (for filing with the Ministry of Public Finance) and IFRS 65 Appendix VI Accountants and Law Firms 66 Appendix VII (a) Double Taxation Agreements 67 Appendix VII (b) Withholding Tax Rates of Some Major DTAs 68 Appendix VIII Individual Income Tax Calculation 69 Appendix IX Customs Duties 70 Appendix X Import Duty Exemptions 71 Appendix XI Excise Tax for Domestic and Imported Products 72 PricewaterhouseCoopers - Business Guide to Romania 2005 5
Page 1 and 2: Business Guide to Romania* 2005 Edi
Page 3 and 4: Contents Chapter Page 1. Romania: a
Page 5: ■ Unions 30 6.2 Working Condition
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 and 20: allowance of 20% of the value of th
Page 21 and 22: Chapter 4 Banking, Finance and Insu
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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Business Guide to Romania* - Bayern - Europa

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