"Year 2018 began under the sign of the fiscal revolution: moving contributions, split VAT, new restrictions to reduce financing costs. It seemed that this year was going to be a set of changes already introduced. But in the last days of 2018, the Government came up with a new and unexpected package of tax measures that surprised and puzzled both taxpayers and even some state authorities. And it seems that things do not stop here, and there will be other changes coming soon. So, our appeal to the predictability of tax legislation is and remains as current, "said Alex Milcev, Partner, Head of the Tax and Legal Aid Department of EY Romania, during the 13th edition of the Annual Tax Conference EY....more »

The Ministry of Finance signed five more grant agreements under the state aid scheme for stimulating major investments, as established by GD 807/2014.  The approved projects will create 1,272 new jobs, have a total value of 1 billion lei and ...more »

The Competition Council has sanctioned nine insurance companies and the National Union of Insurance and Reinsurance Companies of Romania (UNSAR) with total fines of 246,739,195.6 lei (about 53 million euros) for violation of the national and European competition regulations by coordinating market behavior in order to increase the compulsory civil liability insurance (RCA) rates....more »

The first nine financing agreements granted on the basis of the state aid scheme for stimulating major investments (807/2014) were signed today by the Minister of Public Finances, Mr. Eugen Teodorovici, on November 12th. The signing ceremony took place at Victoria Palace, in the presence of the Prime Minister, Ms. Viorica Dăncilă. "I am very pleased to have signed today the first 9 investment projects that will bring added value to the Romanian economy. The benefits they will bring have to be seen from two perspectives - the development of the region where the investment will be made and the creation of almost 2,000 of new jobs, "said Minister of Public Finance, Mr. Eugen Teodorovici....more »

Instant Factoring, the first Romanian online micro-factoring company for SMEs, received 1.5 million euros from an investment fund in the United States. The attracted funds, together with the company's equity, will support the expansion of activity on the Romanian market by developing microfinance operations for a volume of invoices totaling up to 20 million Euro in 2019....more »

Bank, Raiffeisen Bank, BRD Groupe Societe Generale and Banca Transilvania, for refinancing the existing facilities, extending the financing period, rearranging the related terms and conditions, and to raise the funding limit to a threshold of around 66 million euros. The additional credit limit of 10 million will be in the form of a facility in term and will be used by MedLife, together with other company's own cash, for possible new market opportunities. ...more »

CITR, the leader of the Romanian insolvency market, presented a summary of the company's 10-year activity, with some data on the market's evolution since the onset of the crisis. Romania recorded 16,499 new insolvencies in 2008, while the estimate for the end of this year is about 8,300, or half of the number registered ten years ago. At the same time, between 2016-2018, the number of companies entering insolvency annually became constant, between 8,300-8,600. In the same period, the number of impact companies (with assets exceeding € 1 million) that went into insolvency stabilized between 175-200....more »

The National Bank of Romania adopted the Regulation amending the Regulation no. 17/2012 on lending conditions. According to the new provisions, the maximum level of indebtedness will be 40% of the net income on loans in lei a...more »

The bond offer issued by Elefant Online SA, one of the largest online retailers in Romania, was successfully completed, being overwritten by 32 % from baseline. The company thus attracted 7.65 million lei. The "private placement" offer had an initi...more »

The Ministry of Public Finance announced that starting Monday, September 10, 2018, investors can apply for funding through State Aid schemes, aimed to stimulate investments with a major impact on the economy. The applications for financing agreement, together with the supporting documents, shall be sent to the General Register of the Ministry of Public Finance, mentioning on the envelope: "The implementation unit of the state aid scheme established by H.G. no. 807/2014 "....more »