We provide our professionalism, knowledge and experience gained over the years at the service of our business parteners to support each other’s development.
The service we offer:
01
Profit tax vs income tax
In Romania, the profit tax is 16% applied to the difference between income and expenses.
Profit taxation applies to companies with a turnover of over 1 million euros.
Up to one million euros in turnover, the company is classified as a micro-enterprise and pays a turnover tax of 1% if it has at least 1 employee or 3% without employees.
The Simconta team will help in the analysis and revision of the calculation of the profit or micro-enterprise tax depending on the specifics of your company's activity.
02
Value Added Tax
In Romania, VAT is 19% applied to non-food products and 9% for food products.
Our value added tax services include:
- Registration for VAT purposes of local companies.
- Registration for VAT purposes in Romania.
- Registration in the Register of Intra-Community Operators VGIES.
- VAT refunds in Romania.
- EU VAT refunds.
- Determining the fiscal treatment from the VAT perspective, of the intra-community transactions.
- • Determining the fiscal treatment from the VAT perspective, of the intra-community transactions.
- INTRASTAT reporting.
03
Local taxes and fees
Given that taxes on buildings, land and cars are set by the local councils of each city, there are many companies that fail to pay their local taxes correctly and on time. Also at the local councils are paid advertising fees, construction fees in progress. Also at the local councils are paid advertising fees, construction fees in progress.
Our team can help you:
- Representation at local tax administrations.
- Identify all local taxes applicable to your business.
- Declaring the taxable goods and establishing the amount of taxes payable.
- Monitoring any legislative changes that have an impact on your company's business and adopting appropriate conduct.
04
Tax representative for non-residents
Our company provides tax representation services in Romania, assuming the role of proxy for our non-resident clients regarding the declaratory obligations and the payment of taxes to the Romanian authorities, as follows:
- Registration for VAT purposes in Romania.
- Organizing the fiscal record of the economic operations carried out in Romania.
- Preparation and submission of VAT returns.
- Preparation of journals and the register of non-transfers
- Payment of VAT in Romania for operations carried out in Romania.
- Assistance during fiscal controls in Romania
05
Non-resident tax services
Our company will provide support for the application of:
- Double taxation conventions.
- Tax residency certificates.
- Dividend taxes on non-residents and parent companies.
- Fiscal registration in Romania of non-resident individuals.
- Submission of tax returns required by Romanian legislation.
06
Financial Reporting
(IFRS) US GAAP or local GAAP
- Preparation of financial statements in accordance with theRomanian Reporting Standards as well as with the International Financial Reporting Standards (IFRS) US GAAP or local GAAP.
- Preparation of financial statements in case of merger of the company and the Merger Report.
- Preparation of Division Reports.
- Preparation of liquidation financial statements and liquidation reports.
- Extrajudicial and judicial financial-accounting expertise.
- Preparation of financial statements of non-profit organizations