Romania implements additional tax measures in response to COVID-19

In a bid to support Romania’s business environment and social protection during coronavirus crisis, on 31 March the Romanian government issued two emergency decrees that create new and favourable tax measures. The decrees passed include Government Emergency Ordinance no.32/2020 for… Read moreRomania implements additional tax measures in response to COVID-19

Facilities regarding the repayment of loans granted by credit institutions and non-bank financial institutions to certain categories of debtors

Emergency Ordinance No. 37/2020 on the granting of facilities in relation to the loans granted by credit institutions and non-bank financial institutions to certain categories of debtors (“GEO 37/2020”) was published in the Official Journal of Romania on 30 March… Read moreFacilities regarding the repayment of loans granted by credit institutions and non-bank financial institutions to certain categories of debtors

New fiscal measures in the context of the economic difficulties caused by the COVID-19 epidemic: corporate income tax and VAT for certain imports

In the context of the economic and financial difficulties caused by the spread of the COVID-19 virus, the Romanian Government has adopted the Emergency Ordinance No. 33/2020 regarding certain fiscal measures and the amendment of certain normative acts, published in the… Read moreNew fiscal measures in the context of the economic difficulties caused by the COVID-19 epidemic: corporate income tax and VAT for certain imports

COVID-19 in international commercial contracts. CISG and UNIDROIT perspective

The outbreak of COVID-19 (“coronavirus”) has undoubtedly impacted the business relations at global level, leading to important consequences caused by the nonperformance of international commercial contracts. The contractual partners often invoke the outbreak to excuse their non-performance, either as force… Read moreCOVID-19 in international commercial contracts. CISG and UNIDROIT perspective

PwC survey on the impact of COVID-19 on businesses: 37% have fully or partially interrupted activity, 27% will definitely apply for technical unemployment

37% of companies surveyed have fully or partially interrupted their operations after declaring the state of emergency due to COVID-19 pandemic and 20% have reduced their activity, according to the PwC Romania HR Barometer conducted by PwC Romania at the… Read morePwC survey on the impact of COVID-19 on businesses: 37% have fully or partially interrupted activity, 27% will definitely apply for technical unemployment

Arbitration as an Alternative to Court Proceedings in Time of COVID-19 Pandemic

The pandemic generated by COVID-19 brought the whole world to a halt. From boutiques shops to airline companies, most businesses are affected by the pandemic. However, as with every rule, there are some exceptions. Some companies, mostly those related to… Read moreArbitration as an Alternative to Court Proceedings in Time of COVID-19 Pandemic

The implications of the measures related to the state of emergency in the insolvency procedure

1. The general and legal context In view of the evolution of the international epidemiological situation caused by the spread of Coronavirus, which determined the pandemic declared by the World Health Organization, on March 11, 2020, the Decree no. 195/2020… Read moreThe implications of the measures related to the state of emergency in the insolvency procedure

Measures to mitigate the negative impact of COVID-19. Deferral of loan payments

The National Bank of Romania (“NBR”) together with the Romanian Government have responded swiftly to the economic shock created by the COVID-19 pandemic by announcing several measures aimed to alleviate the adverse impact of COVID-19 on individuals and small &… Read moreMeasures to mitigate the negative impact of COVID-19. Deferral of loan payments