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The VAT collection system: implications for your business

What is VAT on collection? VAT on collection is a system of collecting and deducting VAT that differs from the normal system. Under this system, VAT is collected and deducted only when invoices are received or paid.

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June 27, 2023

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Micro-enterprise income tax vs. corporate tax in 2023

In 2023, new conditions were introduced for the application of a micro-enterprise tax. Otherwise, instead of the 3% income tax, a 16% corporation tax will apply.

reading minutes

The VAT collection system: implications for your business

What is VAT on collection? VAT on collection is a system of collecting and deducting VAT that differs from the normal system. Under this system, VAT is collected and deducted only when invoices are received or paid.

reading minutes

The balance sheet: a vital tool for businesses and entrepreneurs

In Romania, every company has to prepare a series of accounting documents every year, and in most cases it is required to prepare a balance sheet and profit and loss account.

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Everything you need to know about tax evasion

When setting up your company, you need to be aware of the tax obligations imposed by the state and meet them to avoid being accused of tax evasion. In particular, these obligations apply not only to companies but also to individuals.

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How can you benefit from deductible VAT?

What is deductible VAT? When businesses purchase goods and services for their operations, they pay VAT on these purchases. The VAT differs depending on the activity carried out and can be 19%, 9% or 5%. It must be paid by both natural and legal persons, PFAs, SRLs or PFIs.

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How to choose the right online invoicing solution for your business

In today's business world online invoicing solutions have become an essential tool for managing financial transactions. Not only do they help businesses save time and streamline their financial processes, they also provide an improved customer experience.

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Electronic invoicing: what it is and how it can help your business

What is electronic invoicing? There's been a lot of talk about e-invoicing lately, but few people really understand what it is/what it is in the absence of clear information.

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When can you use the blind invoice?

What is the storno invoice? The reversal invoice rectifies a previous transaction by adjusting the original amount. It indicates the amount to be deducted from the previous invoice and always refers to the invoice to be corrected.

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Differences between insolvency and bankruptcy

Insolvency and bankruptcy are two terms often used together. However, they do not mean the same thing.

February 17, 2023

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Payment or collection order?

What is a payment provision?

January 5, 2023

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The tax voucher and its contents

What is the tax voucher? The tax receipt is issued by cash registers and is used as proof of receipts made by the operator.

November 18, 2022

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Dividend tax in Romania in 2023

Dividends are payments a company makes to share profits with its shareholders.

November 10, 2022

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Taxes and declarations for an LLC in 2022

A commonly used legal form in Romania is the LLC. In short, it is a company that offers limited liability to its founders, up to the limit of the capital invested by them.

October 31, 2022

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Guide to drawing up a business plan

Having a business plan in place can determine the success of your business, as this structure lays out all the details of your company's concept and strategy - the products or services of your company, how you make money (or how you intend to make money), management and staff, financing, operating model and more.

October 31, 2022

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What you need to know about part-time contracts

A 4-hour-a-day contract may be right for you if you have children and need a career with fewer hours, or if you are a college student or retired and looking for extra income.

October 4, 2022

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Suspension of the company - a solution for temporary interruption of activity

Any company, regardless of the activity it carries out, may also face the situation where it has to suspend its activity for a certain period of time or cease it completely.

September 27, 2022

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How do we calculate the income tax of a micro-enterprise?

Companies have to pay different types of taxes, which are calculated according to the scope of the business, such as the sale of products/services, the profit made, the number of employees and many other criteria.

September 2, 2022

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Categories of companies that must implement mandatory e-invoicing

In partnerships between businesses and public organisations, e-invoicing has become mandatory from 1 July 2022

August 22, 2022

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