Accountancy in Romania
If you have a company in Romania, then you need to prepare annual financial statements on the activities of the company. Financial reporting, management report, and auditor’s report – we are ready to provide you with all these services for your business.
Bookkeeping solution
The specialists of our company will be happy to help you with bookkeeping in Romania. We provide a comprehensive, quality service for you. We provide all types of audit services including, financial reporting, management report, and auditor’s report, as well as give a consultation.
HR payroll management
The goal of HR payroll management is to simplify HR management processes and save your time. Payroll and tax calculations are also included in the package.
Support for statutory or internal audit
We provide statutory and internal audit service to any organization is one of the important aspects of business activity.
Preparation of annual reports
Every year the company must submit an annual report about their activities with or without profit. Our company provides accounting services for enterprises in Romania, which operate in various fields of activity.
Drawing up permanent reports on accounting documents
All organizations in Romania are required to prepare financial statements based on synthetic and analytical accounting data. The financial statements are signed by the head and the chief accountant (accountant) of the organization. By law, tax reports are submitted to the regulatory authorities on a monthly or quarterly basis.
Management of company accounts
Management accounting is one of the key factors when discussing business programs, plans, and goals in large organizations. Management accounts are usually built from multiple income statements of the firm. Management reports are usually prepared monthly or quarterly.
Bookkeeping consultation
If you need more information about bookkeeping in Panama, contact us and request consultation.
Bookkeeping for business
Our company provides consultations and highly qualified accounting services, on issues of legislation and taxation. Our company offers full accounting support in Romania.
Taxes in Romania
One of the reasons why Romania is a great choice for business formation is a low tax rate which is one of the lowest in all of Europe corporate income tax rate – only about 16%. Learn taxes and get most of the Romanian company.
Corporate income tax
Non-resident companies that operate in Romania through a permanent establishment are required to pay corporate income tax on taxable profits attributable to the permanent establishment. Typically, corporate income tax is calculated on a quarterly basis.
Withholding tax
Dividend tax is charged at the rate of 5%. The standard VAT rate is 19%, reduced - 9% or 5%, depending on the type of business of the company.
Value added tax
VAT is a mandatory indirect consumption tax. The only exceptions are certain goods and services that have a preferential settlement regime.
Learn about taxes
Romania is considered as a “tax haven” for foreign businessmen. We know everything about the tax system in Romania. Learn about taxation and tax rate in Romanian jurisdiction.
Financial reports
The following are required to submit complete financial statements with verification by the auditor:
- joint stock companies;
- limited liability companies;
- share partnerships;
- full partnerships;
- limited partnerships.
State bodies and non-profit organizations submit financial statements under special procedures.
The financial statements of commercial companies must be filed within 150 days after the end of the financial year. There is official liability for late submission of reports.
Companies that did not carry out activities in the reporting year are exempted from the report, but they must submit the corresponding declaration within 60 days of the end of the financial year.
Financial statements submitters
Micro enterprises
Annual financial report includes:
- balance sheet
- gains and losses report
- information report
- statement of fixed assets
Microenterprises meet two of the following criteria:
- assets up to 1.5 million lei
- turnover up to 3 million lei
- average number of employees up to 10 people
Small enterprises
Annual report includes:
- balance sheet
- profit and cost statement
- notes
- information report
- statement of fixed assets
- statement of capital or cash flows (optional)
To be considered a small business, a company must meet two of the following criteria:
- assets up to 17.5 million lei
- turnover up to 35 million lei
- average number of employees up to 50 people
Medium and large enterprises
The annual report includes:
- balance sheet
- profit and cost statement
- notes
- information report
- statement of fixed assets
- capital flow statement
- cash flow statement
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