Measures to Stimulate the Maintenance/Increase of Equity and Clarifications regarding the Corporate Income Tax Bonus

Emergency Ordinance No. 153/2020 for the establishment of fiscal measures to stimulate the maintenance/increase of equity, as well as for the completion of normative acts was published in the Official Gazette No. 817/2020. Measures to stimulate the maintenance/increase of equity Taxpayers (corporate income taxpayers, micro-enterprises taxpayer, and specific taxpayers), benefit from the following reductions of annual income tax/micro-enterprises income tax/specific tax: 2%, if the accounting equity is positive in the year for which the tax is owed (for taxpayers legally obliged to constitute…

Latest News in the Labour Law Field in Romania

Amendment of the measures applicable in the current state of alert, the procedure for settlement and payment of the state support sums under GEO No. 132/2020 and paid days off for parents The Government Decision No. 729/31.08.2020 on the amendment and completion of Annex No. 3 to the GD No. 668/2020 on the prolongation of the state of alert on Romanian territory has been published within the Official Gazette No. 797, dated 31 August 2020. This normative act establishes and amends a series of measures applicable during the current state of alert, out of which we mention, from an employment perspective: Certain…

NNDKP Legal & Tax Webinars Series on Your Business in the Online Environment

The COVID-19 pandemic has changed (or in some cases, accelerated), both from an economic and social point of view, the traditional way we do things. In this context, the partial or total relocation or consolidation of the business in the online environment is one of the major challenges that requires a prompt response. Nestor Nestor Diculescu Kingston Petersen, with the support of BusinessMark, is pleased to invite you to a series of webinars designed to provide answers to some of the sensitive legal questions related to how a business operates in the online environment: Your business in the…

Impact of COVID-19 on Holding the General Shareholders Meetings in Romania – New Temporary Measures for Non-listed Companies Only

The long-awaited government enactment on the holding of the general meeting of shareholders in the context of the COVID-19 outbreak was finally passed in the form of the Government Emergency Ordinance No. 62/2020 that entered into force on 8 May 2020.

Financial Relief for Media and Telecom Players in Romania

The Romanian Government deemed that the current situation requires urgent actions in the field of media and electronic communications industry and, with the aim to avoid the risk of dysfunctions and long-term negative effects on these sectors of activity, has decided on some financial exemptions and extensions of the payment terms for the spectrum usage tariffs benefiting to media and telecom players.

If the Economic Relief Measures Implemented by the Romanian State Do Not Suffice, What to Do Next?

Authors: Mirela Preda and Emanuel Flechea, NNDKP Same as most of the states where the SARS-CoV-2 crisis emerged, Romania has adopted a quite extensive package of measures meant to sustain the shaken economy pending the cease of the emergency state. In this context, the Romanian Government regulated and is still implementing certain specific measures for easing the economic burden on companies during the state of emergency. However, in the situation in which companies directly or indirectly impacted by the current state of play still face financial difficulties, irrespective of the support schemes…

Package Travel Directive – COVID-19 Adjustments Strongly Needed

COVID-19 hit worldwide tourism at an unprecedented level. UNWTO estimated, as of March 2020, aggregate losses of up to USD 350-400 billion, which is one-third of the global turnover of tourism business.

Corporate Governance and Registration with the Romanian Trade Registry during COVID-19 – Emergency Kit Required

As of 16 March 2020, the day when the state of emergency was declared in Romania, the Government has adopted an impressive number of pieces of legislation aimed at preventing and limiting the spread of the new coronavirus, on one hand, and at reducing the negative impact on the economy of the implemented solutions, on the other hand. To be specific, about 75 acts (primary and secondary legislation) were adopted in the course of approximately one month.

Romania: Comments on the Envisaged Measures regarding Companies Corporate Governance

On 14 April 2020, the Romanian Ministry of Justice published a new draft emergency government ordinance on certain measures regarding the holding of general meetings of shareholders and meetings of the management bodies