EnglishThe decision to move the Trade Registry from under the Authority of the Ministry of Justice and Citizen Freedoms (MJLC) under that of the Romanian Chamber of Trade and Industry (CCIR) creates major difficulties for Romanian companies, as the Trade Registry plays a major part in the day-to-day operations of companies.
"Due to the uncertain situation of the Trade Registry, some companies could actually find that they are operating illegally", Dinu Petre, a partner with law firm "Cunescu Balaciu and Partners", during the conference organized by the Romanian and Turkish divisions of the accounting consultancy company, "Nexia International".
According to Mr. Petre, companies that need to amend their articles of incorporation now have to wait up to six months, as opposed to a few days, as was the case until recently.
The fiscal authorities should focus on improving the collection and reimbursement of VAT, and instead of trying to levy indirect taxes at any cost, representatives of "Nexia International" claim. In Romania, a company may be forced to wait for months before in order to recover the VAT payable. Concerning this aspect, Dinu Petre said: "Whereas in other countries, the delay for the reimbursement of VAT is at most 15 days and happens regularly, in Romania companies may be forced to wait as long as six months, sometimes more".
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