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Rules changing the application of the Fiscal Code

Rules changing the application of the Fiscal Code: The Official Gazette of Romania, part I, no. 79 dated the 31st of January 2012 published the Government Decision no. 50/2012 for the modification and completion of the Methodological Rules of application of the Law no. 571/2003 on the Tax Code, approved by the Government Decision no. 44/2004. The regulatory clarifies and elaborates some regulations in the Tax Code regarding the income tax, profit tax, VAT, excise duties, local taxes, and compulsory social contributions. * * * Romania launched debentures issues on the American market: The Ministry of Finances announced on Wednesday, the 1st February 2012, that in the framework Program of securities issues on the foreign market for 2011-2013 (GMTN – Reg S/144A), Romania has launched the first debenture issue on the American market. The amount of this issue was $ 1.5 billion, with a maturity of 10 years, 6.875% efficiency and 6.750% coupon. The debenture issue was oversubscribed of 4.5 times, the amount of the received biddings from the investors reaching almost $ 7 billion, representing the largest demand manifested for a Central and Eastern Europe country. * * * Guarantee conventions will be enforceable titles: The Ministry of Finances has launched in a public debate on Tuesday,the  31th of January 2012, the Government Emergency Ordinance for the modification and completion of the Government Emergency Ordinance no. 69/2010 on the thermal rehabilitation of the housing buildings with financing through bank loans with governmental guarantee. The modification concerns the guarantee conventions which will be enforceable titles and will have authentic entries value. * * * The written form ad validitatem of the individual labor contract: By the Law no. 40/2011 the individual labor contract became a solemn contract, the written form is required for its validity. As the individual labor contract has intuitu personae caracter, it is not allowable the legal action by which the employee would require the employer’s commitment to conclude the labor contract in written form. * * * Regulations on the fiscal residency for the legal persons in Romania: The Official Gazette of Romania, part I, no. 73 dated the 30th of January 2012 was published the minister of finances Order no. 74/2012 for regulating some aspects concerning the fiscal residency for the legal persons in Romania. The regulatory elaborates the next aspects concerning the fiscal residency for legal persons in Romania: criteria for establishing the legal persons’ residency, in accordance with the avoidance agreements of the double taxation; the arrival on Romania’s territory of the non-resident legal persons. * * * A new partner for MAZARS: Vasile Andrian (37 years old), the coordinator of the department of audit and financial advisory of MAZARS ROMANIA, became the second Romanian partner of the international organization. Its designation in the management structures of Mazars Group, which has 760 partners globally, took place at the Annual Partners’ Conference, held recently in London and occurs at 2 years after the appointment of the first Romanian partner, Gabriel Sincu. * * * The duration of the notice period in the dismissal decision: It is accomplished the requirement provided by the article 76 paragraph 1 letter b) from the Labor Code concerning the duration of the notice, if it is indicated in the table of contents of the dismissal decision the effective duration of the notice – 20 working days -, being unnecessary to specify the beginning and the end date of the period. The dismissal decision must contain the length of the notice period in days, and also the beginning and the end of this period, in order to be able to check if at the moment of the dismissal decision has expired or not the notice period.

 Andreea Roxana TUDOROIU

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