Articles

Articles - Year 2005

More flexible labor relationships - 22 December 2005 (Invest Romania)
Considered one of the most significant legislative modifications of the year, the amendment of Law no. 53/2003 („Labor Code”) by Government Emergency Ordinance 65/2005 recently, envisaged fostering the economic activity by emerging labor relations from the grey zone as well as the elimination of corruption and bureaucracy.

Foreign insurance company branches in Romania – bridging the gap between theory and practice - 23 November 2005 (Invest Romania)
Besides the general positive issues, involved by the harmonization of the national legislation with the community laws and regulations, the effective implementation of this process has generated a range of confusions and/or lack of certitude related to the practical application of certain provisions of the recently adopted normative acts.

Producers’ liability for the damage caused by defective products - 26 October 2005 (Invest Romania)
We resume with a few considerations in the consumer field on the producers’ liability for the damage caused by the defective products, as this is regulated under the provisions of Law no. 240/2004, published in the Official Gazette no. 552 of June 22nd, 2004 and effective starting one month later (“Law no. 240/2004”).

Increase of the shareholding threshold in the SIFs’ share capital to 1% - 25 October 2005 (Insight)
SIFs still have a very much dispersed shareholding, that being mainly due to shareholding threshold initially set at 0.1% of the share capital and established at maximum 1% of the share capital, by the Government Ordinance no. 41/2005 (the “GO 41/2005”, published in the Official Gazette of Romania no. 677 of July 28th 2005) that amends the Capital Markets Law, by providing the increase of the above mentioned threshold.

Micro-financing companies - 20 September 2005 (Invest Romania)
The regime of micro-lending and specialised companies in performing such activities was expressly regulated by Law no. 240/2005 on the micro-financing companies, published in the Official Gazette no. 663/July 26, 2005 (”Law no. 240/2005”).

CAPITAL GAINS TAXATION - 27 July 2005 (Insight)
Initiated at the beginning of 2005, the fiscal reform continued with the enactment and entry into force starting with 4th of July 2005 of Law No. 163/2005 on the approval of the Government Emergency Ordinance no. 138/2004 on the amendment and completion of Law no. 571/2003 regarding the Fiscal Code.

Collective dismissal procedure - 7 July 2005 (Invest Romania)
Following the recent approval by the Romanian Government of the Emergency Ordinance no. 65/2005 (“EGO no. 65/2005” - published in the Official Gazette no. 576 as of July 5th, 2005), a number of amendments have been brought to the Labor Code, including, inter alia, to the collective dismissals framework.

AMENDMENTS TO THE FISCAL CODE - 22 June 2005 (Invest Romania)
Additional adjustments of the fiscal rules have been brought by the means of the Law No. 163/2005 concerning the approval of the GEO No. 138/2004 concerning the amendment and completion of the Law No. 571/2003 regarding the Fiscal Code. Published in the Official Gazette no. 466/01.06.2005, the enactment came into force three days later (i.e. June 4th, 2005), save for certain provisions specifically deferred for a longer period.

Relaxation of the Foreign Currency Regime - 24 May 2005 (Insight)
Additional adjustments of the fiscal rules have been brought by the means of the Law No. 163/2005 concerning the approval of the GEO No. 138/2004 concerning the amendment and completion of the Law No. 571/2003 regarding the Fiscal Code. Published in the Official Gazette no. 466/01.06.2005, the enactment came into force three days later (i.e. June 4th, 2005), save for certain provisions specifically deferred for a longer period.

New Foreign Currency Regulation - 18 May 2005 (Invest Romania)
In accordance with the calendar for liberalization of capital transactions agreed with the European Union, the National Bank of Romania („NBR”) issued the Regulation no. 4/2005 on foreign currency regime (the “Regulation”).

New fiscal amendments - 11 April 2005 (Invest Romania)
Previously announced, new amendments to the Fiscal Code have been brought at the end of March, through GEO no. 24/2005, published in the Official Gazette no. 263/2005. Although the enactment entered into force on April 1st, 2005, the majority of its provisions are set to become effective at later dates, e.g. May 1st or June 1st, 2005.

Transfer of undertaking - 11 March 2005 (Invest Romania)
Previously announced, new amendments to the Fiscal Code have been brought at the end of March, through GEO no. 24/2005, published in the Official Gazette no. 263/2005. Although the enactment entered into force on April 1st, 2005, the majority of its provisions are set to become effective at later dates, e.g. May 1st or June 1st, 2005.

Unique tax rate– the key element of the new fiscal reform - 15 February 2006 (Insight)
The highly debated fiscal reform proposed by the new Government has been recently implemented, triggering a significant reorganisation of the Romanian fiscal system, and came into force as from January 1st, 2005.

NEW FISCAL RULES FOR 2005 - 26 January 2005 (Invest Romania)
From the fiscal perspective, the new year 2005 has commenced under the aegis of amended rules, as a result of the changes brought to the Fiscal Code by the means of the Emergency Government Ordinance no. 138/29 December 2004.