Romania lies in the southeast of Europe and shares borders
with Bulgaria, Ukraine, Serbia & Montenegro, Moldova and
Hungary. The Black Sea forms the eastern frontier of the country.
Romania joined the European Union on 1st January, 2007. Romania
has not yet adopted the Euro (although the government hopes
to be ready to join the eurozone by 2014) and continues to
use its own currency, the new Leu (RON), which was introduced
in 2005.
GDP growth was consistent between 2000 and 2008, but as elsewhere,
there was a downturn during late 2008 and 2009 due to the
global recession; GDP was USD272 billion in 2008 but this
fell to USD252 billion in 2009.
Romania still has a large agricultural workforce (about 30%
of the workforce) and the unemployment rate stood at 4.4%
in 2008.
Although the 16% corporate and personal income tax rate is
relatively attractive, various incentives in place prior to
the country’s EU entry, such as incentives which had
been available for investment in Free Trade Zones and Industrial
Parks, and for significant cash investments likely to have
an economic impact, have been withdrawn, as has a reduced
rate for micro-enterprises, from 2010.
As the Romanian government casts the net wider in an attempt to boost tax revenue, the country's witches are busy casting spells on senior government ministers and President Basescu, cursing them for formalizing their 'profession.' RSS
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The European Commission has published a Consultation, which marks the commencement of a comprehensive multi-year review of the major cross-border issues faced by EU citizens, and proposes solutions for them. RSS
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During a recent gathering of small- and medium-sized enterprises in Bucharest,
Romania’s Prime Minister Emil Boc announced government plans to maintain
the flat tax of 16% imposed on income and profits, while also confirming plans
to abolish the minimum tax from the autumn. RSS
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I am facing a dilemma and would like to invite any reader to advise me.
I am a Brit who has lived outside UK since 1993- initially in Belgium (5 years) & subsequently in 4 African countries. After a year outside UK, the UK Inland Revenue confirmed my status as ‘non-resident’ for tax purposes and as I have had no income in UK, I have not completed a UK tax return for many years. I visit UK very rarely, normally for one or two weeks per year.
In May 2011, I was made redundent by my employers, who were downsizing. This coincided with a move to retire in the Netherlands, where I now have official residency (my wife is Dutch). I thought that, at 63 years of age, I would be unlikely to find suitable employment; in fact, I have not tried hard and had resigned myself to permanent (but slightly premature) retirement.
However, to my surprise, I have recently been approached (through a mutual acquaintance) by a company that wishes to use my skills on a project in the Isle of Man. The role, if & when confirmed, would see me working for about 10 days a month in Isle of Man, with about 5-7 additional days per month, working from home. Contract will be for about two years. The firm has asked me to confirm if I would prefer to be paid (and therefore be taxed) in Netherlands or Isle of Man, the idea being that I create a self-employment entity for this employment. I have no data on which to base a response. Given Isle of Man's traditional ‘low tax ‘environment, are there any benefits to declaring an income in IOM? Are there any Isle of Man residency implications? Netherlands takes a tax cut on total world wide income, and, as I have never had any contact with the Dutch authorities, I am reluctant to start such a relationship now. Do I have to declare income in both countries, with a breakdown prorata to the time spent in each jurisdiction? Should I declare income to UK Inland revenue?
If anyone has pertinent advice on these points, I’d be grateful to hear them.
Just wondering if anyone 'on the ground', as it were, might be reading and able to help me...I was considering relocating my hairdressing business from the UK to Ireland before the economy started to go properly belly-up...now, not so much.
Are things as bad as they seem over there, or is it being over-hyped by the media? And is the government still keen to support small business people? Cos if not, I'll look elsewhere...
Hi, I live in South Africa, and along with 2 business partners (one in South Africa and one in Ireland - all South African citizens though) are setting up a company that designs Smart phone applications. As they will be sold on the various platforms (none of which operate out of South Africa)we have to list our company as operating out of Ireland anyway. As such, we have decided to set up our company in the best tax country and are wanting info on whether Jersey or Malta is best? If anyone has some inside info we would really appreciate it!! Thanks!Mary
I am moving full time to France in Jan 2012 where I will be working as a freelance contract engineer to a number of Australian based companies. It is my choice to move to France not a work requirement. I will be renting my house out in Austrlalia and renting a house while I am in France. I hold both EU & Austrlain citizenshiip. I am married with 2 young children. Approx total family income $100k AUD. Do I pay tax in France or Australia or both ? Any help or guidance would be much appreciated.France move
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