⚠️ I have to register my Business in Romania for a VAT number in 10 days after it passes the revenue threshold of RON 300_000.

Obtaining the VAT code for my Business in Romania is done in 2 stages. The first is optional if I already have a Romanian Tax ID as an individual:

1. As a foreigner, I must register myself with the Romanian Tax Agency as an individual person;

2. I apply for the VAT code for my Business in Romania.

Getting a VAT code at the start of the company - or anytime below the revenue threshold of 300 000 lei - is called in Romanian “înregistrarea în scopuri de TVA prin opțiune” (=en. Registering for VAT as an option)

More details: https://www.piroi.eu/my-business-in-romania/start/tax-details/getting-the-vat-code/below-the-revenue-threshold-of-ron-300000

All Romanian companies must file the Beneficial Owner Form to the Trade Registry. The penalty for non-compliance is from RON 5 000 to RON 10 000. The Government Emergency Ordinance 191 of 30.10.2020 has just extended the deadline to 3 months after the end of the Alert Status.

https://www.piroi.eu/my-business-in-romania/start/reporting-details/beneficial-owner-form

All taxpayers which have expenses significantly greater than the income declared in the Single Tax Statement (=ro. Declarația Unică) will be subject to an analysis from the tax inspectors, to identify if the taxpayer has income which she has not declared. A tax inspection can also be launched. Let's see how it goes

Closing my Business in Romania doesn’t need to be a hassle. On the contrary, it can be a very good occasion for a fresh start. As long as it’s properly prepared. Let’s see how it’s done

https://www.piroi.eu/my-business-in-romania/close/how-to-close

The online platform Virtual Private Space (=ro. Spațiul Privat Virtual) of the Tax Agency ANAF is now offering a new function: the possibility to download for free the Fiscal Record Certificate (=ro. Certificatul de Cazier Fiscal)

https://pfinternet.anaf.ro

The National Bank of Romania has just published its annual Foreign Direct Investment Report, where I can see the main countries which invest in Romania and the key sectors they invest in. The numbers are presented in correlation with additional information from the World Bank Ease of Doing Business Index and from the rating agencies. Alright, let’s begin!

www.mybusinessinromania.com

The Group Expert Consulting team has performed a statistical analysis on the most frequent problems the companies have when they forget about the Tax Agency and the Trade Registry. 

Apparently simple things, such as an expired rent contract or the expiry of the administrator’s mandate in the founding act at the Trade Registry, may have bad consequences on my Business in Romania. Because the Trade Registry and the Tax Agency are connected, I may lose my VAT code, I may see my bank account closed, or even my firm suspended. I will not be able to do business inside the EU, I will lose time and energy. In addition, when the VAT code is cancelled for a firm, cascade problems can show up for all the firms of the same administrator(s)/shareholder(s), and getting a new VAT code may become very difficult, borderline impossible.

More info on https://www.piroi.eu/fail-my-business-in-romania

There are a couple of ways in which I can optimise tax when I, as a High Net Worth Individual, or my business, own real estate in Romania. Revaluing is one of them. Let’s see how it’s done

Details on https://www.piroi.eu/grow-my-business-in-romania/optimise-taxes/real-estate/methods

An expense is tax deductible only if it is in relation with the business activity, is properly documented - and is recorded within the deadline. The full set of documents which I need to present my accountant include, from case to case, bank statements, invoices, service reception notes (=ro. proces-verbal), as well as cash receipts, fuel receipts and additional travel documents. Let’s look at it in detail, with examples.

More details on https://www.piroi.eu/tax-news/deductibles