Nexia ABS Financial Services

Legislative changes are implemented in Romania starting from November 2023 🔔, on short for: 💲 salaries for few categories; 📧 new national system, RO e-Sigiliu, is introduced; ☢ fines to be paid in full, no facilities; ↘ cash limits are reduced; From January 2024 more changes are regarding the following: 🔜 VAT increase, no 5%; 🔉 SME tax revised; 🔌 RO e-Invoice system for B2B; Stay informed about legislative changes! 🏆 Please find more details here: https://lnkd.in/dvas4vr4 Our accounting experts are here to guide you. #NexiaABS #consultancy #fiscal #accounting #payroll #expertise #finance #nofines

💡 Important information for the end of 2024 According to the Accounting Law no. 82/1991, in Romania, all legal entities must carry out a general inventory of assets, liabilities and equity at least once during the financial year. This procedure 📃 is also mandatory in situations such as merger, division or liquidation, as well as in other cases provided by law. Inventory is also an opportunity to: • determine the real situation of the company's assets, providing a clear and faithful picture of the financial position; • prepare correctly the annual financial statements 📰, essential for reporting to the authorities and partners; • prevent fairly large sanctions, considering that non-compliance with this obligation can attract fines between RON 3,000 and 20,000. Documentation 📑 related to the inventory process is frequently requested during fiscal controls, while its lack can generate additional sanctions. Thus, inventory can be carried out either with your own resources or by collaborating with third parties based on the service contract. Either option, the responsibility is of the administrator to organise this process efficiently. We recommend that you give priority 🔍 to this activity, both to avoid legal sanctions and to ensure a correct and transparent management of the company's assets. If you need support in organizing and carrying out the inventory process, our team will be at your disposal to offer you assistance. #NexiaABS #expertise #accounting #fiscal #financialreports

📕 Tax amnesty in 2024 in Romania looks like this: >>100,000 requests from taxpayers with debts - individuals and legal entities >> total number of eligible debtors are 330,735 companies and 848,705 individuals. It reduces to 8,5% accessing 🖨️ the scheme and a lot of pressure on authorities. The Ministry of Finance aims to collect about 9 billion lei with the tax amnesty program and estimates that it will grant tax credits of about 1.1 billion lei in 2025 to the compliant companies.

In today’s fast-evolving landscape, businesses need to be ready to address a range of challenges, from economic uncertainties and climate change to cyber threats, political shifts, and regulatory updates.   Building organisational resilience to withstand these and other unpredictable factors is essential. Rather than just reacting to change, resilient businesses develop strategies to anticipate, manage, and endure disruptions, adapting as they go.   Kristen Soles, CPA of CohnReznick LLP, U.S., has shared an insightful article outlining five essential steps to help you build a resilient business.   To learn more, click here - https://lnkd.in/eegNMD_7    #Business #Resilience #Risk #Management #Organisational #Future #Proof #Adaptability #Corporate #Strategy

Market volatility 📈 is rising these days do to many global events, inflation and especially the election race in US and other states. November is going to bring few changes with further implementations from 2025. Fiscal alert 🔔 In Europe the share of taxes and social contributions in the GDP of the European Union reached 40% in 2023, in a slight decrease compared to 40.7% in the previous year, as per Eurostat data 📅. France, Belgium and Denmark are leading with higher % while Romania and Ireland shine with the lowest values, 27% respectively 22%. The explanations are coming mainly from the level of the applicable taxes and the collection rate. As in Romania the collection rate is still low ⭕ and fiscal measures are trying to improve this, it may be certain to see the trend to align to EU rates. #taxation #fiscalmeasures #compliance #trending

U.S: Paving the way for M&D’s Al revolution ‘Before manufacturing and distribution businesses embark on implementing artificial intelligence and machine learning, it’s essential to thoroughly assess the data sets these technologies will rely on.’ Our member firm, CohnReznick LLP has published an insight into the application of artificial intelligence and machine learning within the manufacturing and distribution sectors. To find out more, click here: https://lnkd.in/ekkDauvw #ArtificialIntelligence #MachineLearning #Manufacturing #Distribution #Data #Digital #Tech #AI #Industry

The profits of foreign subsidiaries could be liable for UK corporation tax under the controlled foreign company regulations. Several exemptions and reliefs are available, which should be carefully evaluated and claimed in the corporate tax return. #UK member Saffery recently posted an article discussing how the profits of foreign subsidiaries may be subject to UK corporation tax under the Controlled Foreign Company (CFC) rules. To find out more please read the full article here: https://lnkd.in/efyd9D4B #CorporateTax #ForeignSubsidiaries #Audit #Tax #Advisory

🔔 Update on Inflation rate in Romania 4,62% it is for September 2024, a small decrease 📉 from 5,1% in August It is still high compared with EU average of 1,8% (also down 🔻 from 2,2%) and even with Bulgaria 2,1% (also down from 2,4%).