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Financial & Banking
European Directive on Minimum Profit Tax – a Major Change in International Taxation and Its Impact on Romania
Monday, October 9, 2023
by Ana Petrescu-Mujdei, Senior Manager, Direct Taxation, Deloitte Romania The tax framework applicable to large companies in Romania is becoming increasingly complex. In addition to the provisions regarding turnover tax, included in the law for which the Government recently assumed responsibility in Parliament, the Ministry of Finance published on October 4, 2023, another legislative project that ...
Exim Banca Romaneasca finances development of Sophia group in Iasi with 5.2 million RON
Monday, October 9, 2023
Exim Banca Romaneasca granted the Sophia group of companies from northeastern Iasi a total amount of financing of 5.2 million RON under the SME Invest program, the bank informs in a press release.The funds supported the investment in a new headquarters in Iasi that includes the warehouses, the textile factory, the showroom and the office area, in the context of the accelerated expansion of the store network.The Sophia brand was founded in 2004 by ...
BNR: Foreign Direct Investment in Romania in 2022
Monday, October 2, 2023
The National Bank of Romania (BNR), in cooperation with the National Institute of Statistics, conducted the statistical survey on foreign direct investment (FDI), the main data source for the compilation of FDI statistics. The main objective was to determine FDI net flows during 2022 in resident foreign direct investment enterprises, non-residents’ FDI income, as well as Romania’s FDI position as at 31 December ...
The CES gave a negative opinion on the draft law on certain fiscal and budgetary measures
Monday, October 2, 2023
The Economic and Social Council (CES) gave a negative opinion, in the Monday meeting, to the draft law regarding some fiscal budgetary measures meant to ensure the long term financial sustainability of Romania showing that the measures for the reduction of expenses are unconvincing and will have negative effects on the economy.At the same time, CES says that they have already given their ...
The removal of tax incentives in the IT sector is exacerbating an already felt labor market crisis
Monday, October 2, 2023
2023 has been a challenging year for the IT sector, both globally and especially in Romania. On the one hand, significant layoffs in the early part of the year left many candidates searching for jobs in a market with increasingly high demands. On the other hand, the taxation of incomes over 10,000 lei gross, a measure expected to be implemented this autumn, puts pressure on recruitment and may lead employers to lean towards younger candidates who fall within the non-taxable ...
BCR study: Lack of an emergency fund is the main financial concern for 44% of Romanians
Monday, October 2, 2023
Banca Comerciala Romana (BCR) presents the data of a sociological study carried out together with the research company Cult Market Research, regarding the saving behaviors and financial challenges of Romanians. The conclusions show that, although Romanians are increasingly aware of the need for an emergency fund, less than half of full-time employees, aged between 30 and 45, manage to save money. Most of the time, the study reveals, the obstacles to saving are more of a ...
Romania transposes European legislation, including bank reporting for individuals with high income
Monday, October 2, 2023
Romanian banks have submitted, according to the National Bank of Romania (BNR) Order 4/2023, the first reporting of the income of individuals working in the financial sector whose total annual remuneration is at least 1 million euros, according to EY Romania representatives.According to the same source, the reporting is a transposition of the European Union Directive for individuals in the management of banks who have achieved in 2022 income above this ...
NN Pensii appoints new CEO
Monday, October 2, 2023
Gerke Witteveen is appointed CEO of NN Pensii SAFPAP S.A. starting 9 October 2023. Gerke takes over from Andreea Pipernea, who led NN Pensii SAFPAP S.A. for the past six years and who will pursue new professional and entrepreneurial opportunities outside NN. Gerke has a valuable experience of almost 20 years in finance. In the last seven years, he was CFO of NN Asigurari de Viata and is a member of the ...
AON Romania organized an event on parametric insurance dedicated to Romanian farmers
Monday, October 2, 2023
AON Romania, one of the global leaders in the insurance brokerage market, organized a strategic debate with farmers on agricultural insurance on Thursday, September 21st. The dialogue was open and constructive, focusing on risk management in agriculture and the traditional or innovative solutions available in the insurance market. Farmers face multiple risks, including cost control, technical and ...
FIC: New Fiscal Measures Package Puts Investments Under Question Mark
Monday, September 25, 2023
The Foreign Investors Council (FIC) warns on the recent proposals for tax changes, which not only substantially change the tax legislation and introduce a series of new taxes or increases, but also cancel the fundamental principle of the Code that granted a 6-month period needed for businesses to adjust to the new rules. For many of the new fiscal measures it is impossible to estimate the impact accurately; given the precarious situation of the budget and the economy, ...
CEC Bank launches a new product aimed at farmers
Monday, September 25, 2023
CEC Bank continues its support for Romanian agriculture by introducing a quick approval credit product designed specifically for cereal farmers. “Agriculture is a top priority for us. In 2022, CEC Bank was the largest player in the banking system under the government’s Rural Invest program, as well as the leading financier of APIA loans, with around 7,000 credits extended. Agricultural entrepreneurs have specific, seasonal needs, and ...
Revolut Looking For Fresh Talent In Romania
Monday, September 25, 2023
Revolut, the global financial app with more than 3 million retail customers in Romania, joins DevTalks 2023 in Cluj-Napoca and organises its first RevDev meeting in Bucharest, to engage with the local tech community and look for fresh talent. During the two events, the digital bank expects to meet with the local tech community and to tell them more about ...
Credit Europe Bank offers the option of payment in installments via the Avantaj SoftPOS application
Monday, September 25, 2023
Credit Europe Bank Romania is once again at the forefront of the banking industry, by launching a new functionality for the Avantaj SoftPOS application. Starting from now, the bank facilitates the merchant partners with the opportunity to offer CardAvantaj and Optimo Card customers, to pay in installments through the Avantaj SoftPOS mobile application. In addition to the traditional installment system ...
The National Bank Of Romania And Alpha Bank Romania Organize The Exhibition “Two Sides Of The Same Coin. Means Of Transactions – Masterpieces Of Art”
Monday, September 25, 2023
The National Bank of Romania and Alpha Bank Romania are organizing, from September 22 2023 to March 1 2024, the exhibition “Two sides of the same coin. Means of Transactions – Masterpieces of Art”, an event held to celebrate the 50th anniversary of the collection. It is the first time that the Alpha Bank Numismatic Collection, one of the most important ...
GROSS DOMESTIC PRODUCTS IN Q2 2023 WAS, IN REAL TERMS, BY 0,9%1 HIGHER, AS COMPARED TO Q1 2023
Monday, September 18, 2023
• As against the same quarter of 2022, the Gross Domestic Product recorded an increase by 1.1% for the unadjusted series and 2,7% for the seasonally adjusted series; • In the first semester of 2023, as against the same period of the previous year, the Gross Domestic Product increased by 1.7 % for the unadjusted series and by 2,8% for the seasonally adjusted series; • ...
Credit Europe Bank offers the option of payment in installments via the Avantaj SoftPOS application
Monday, September 18, 2023
Credit Europe Bank Romania is once again at the forefront of the banking industry, by launching a new functionality for the Avantaj SoftPOS application. Starting from now, the bank facilitates the merchant partners with the opportunity to offer CardAvantaj and Optimo Card customers, to pay in installments through the Avantaj SoftPOS mobile application. In addition to the traditional installment system ...
MoneyGram expands its Romanian money transfer services with Arsis Trading SRL partnership
Monday, September 18, 2023
MoneyGram International, Inc., a global leader in the financial industry connecting communities worldwide, announces a new collaboration with Arsis Trading SRL, the largest independent telecommunications retailer in Romania, to extend access to both national and international money transfer options throughout the country. Through this collaboration, anyone can send and receive money using MoneyGram services at Arsis ...
UniCredit Romania extends HQ building lease deal with Globalworth
Monday, September 18, 2023
UniCredit Bank Romania has extended the lease agreement with London-based real estate developer Globalworth for the UniCredit headquarters building in Bucharest for a period exceeding 2030, Globalworth said on Tuesday. Globalworth acquired the building in 2014 for 43 million euro ($46.1 million), it said in a press release. The building ...
2 years of iBanFirst in the CEE region: Romania is in the top 3 markets with the highest adoption rate of fintech services among companies
Monday, September 18, 2023
Romania is in the early majority phase, where more than 50% of SMEs now collaborate with fintechs for fast and cost-effective foreign exchange and international payment solutions. Over the last 7 years, the rise of fintechs offering access to international payments within the local market has translated to substantial savings for Romanian SMEs, amounting to €1 billion ...
Romania Taps International Markets For Funding as Higher Deficit Looms
Monday, September 18, 2023
According to BNN Bloomberg, Romania seeks to raise about €3 billion ($3.2 billion) on international markets, tapping foreign debt investors for a third time this year and exceeding its borrowing goal as the country is likely to need more funds to finance a bigger budget deficit. The Balkan nation is expected to finalize the sale of euro-denominated bonds due 2028 at a final spread of 225 ...