COMBATING THE CLAIMS OF THE RURAL INVESTMENTS FINANCING AGENCY (AFIR) RELATING TO THE CREATION OF ARTIFICIAL CONDITIONS: Several verifications of AFIR (former APDRP) have led to resolutions of non-reimbursable financing agreements concluded under the national programme for rural development, on the motivation of creating artificial conditions and exceeding the minimis threshold. With regard to the irregularities found by AFIR, respectively creation of artificial conditions and
APPLICABILITY ART.11 FISCAL CODE AND ART. 67 FISCAL PROCEDURE CODE: Art. 11 Fiscal Code expressly provides that: ”In determining the amount of any tax or duty within the meaning of the present code, the tax authorities may disregard a transaction which does not have an economic purpose or they may re-characterise the form of a transaction in order to reflect the economic substance of the
THE LAW ON THE STIMULATION OF INDIVIDUAL INVESTORS – BUSINESS ANGELS: The Law no. 120 of May 29, 2015 on the stimulation of individual investors – business angels was published in the Official Gazette of Romania on June 2, 2015. The law regulates the conditions under which natural persons, referred to as individual investors – business angels, can benefit from fiscal facilities, following the acquisition
(entry into force on December 26, 2015) The law on the insolvency of natural persons indicates a series of non-traceable goods, belonging to the debtor, and which cannot be subject to repayment in the procedure provided by Law 151/2015. Are included in the category of ASSETS required to ensure a minimum living standard: a) personal or household goods, including furniture, necessary to the debtor and
Setting up a limited liability company is allowed to all persons of age who have not had the quality of associates or shareholders within other companies with their head office in Romania or in the European Union. The company can be constituted of one or more associates (maximum 5 young entrepreneurs) who meet the aforementioned condition and it is managed by one of the associates.