On 29 March 2019, following significant pressure from all relevant players in the market, the Romanian Government adopted the Government Emergency Ordinance no. 19/2019 (“GEO on Revised Financial Assets Tax“) providing, inter alia, several structural changes to the tax on financial assets of banks (“Financial Assets Tax“) imposed as of 1 January 2019 to banks …
Impact of the upcoming application of the EU Regulation on the free flow of non-personal data
EU Regulation 2018/1807 on a framework for the free flow of non-personal data in the European Union (the “Non-personal Data Regulation“) will become directly applicable in the EU Member States as of May 2019. The main purpose of the Non-personal Data Regulation is to allow mobility of non-personal data across borders and ensure the freedom …
Proposed new rules on construction quality to impact delivery of new buildings
A new draft law amending Law no. 10/1995 on quality of constructions (“Draft Law“) is undergoing legislative approval process in the Romanian Senate. The Draft Law introduces new rules that impact real estate developers when planning delivery of new buildings to clients, which aim to ensure quality and improved living conditions in the residential sector …
Changes to obtaining certain licenses in the Romanian natural gas sector
The Romanian National Regulatory Authority for Energy (“NRAE“) has just approved Order no. 2/2019 amending the NRAE Regulation for granting setting-up authorisations and licenses in the natural gas sector (“Amended Licenses Regulation“), which brings several important changes to the conditions and documentation necessary for obtaining licenses and authorisations in the gas sector – as summarized …
New tax facilities to encourage construction sector
On 29 December 2018, the controversial Emergency Government Ordinance no. 114/2018 entered into force providing, inter alia, several tax facilities (which would apply starting with 2019) to encourage the strengthening and development of the construction sector in Romania, as summarized below: employees working for employers which carry out activities in the construction sector are exempt …