Nestor Nestor Diculescu Kingston Petersen Tax Advisory Services discusses the legislative amendments regarding VAT within a new edition of Lex Atelier

The session focused on one of the most significant and current themes in the tax field, the VAT package: legislative amendments that will apply as of January 1, 2010.

As of January 1, 2010, Romania will transpose the so-called VAT package into the domestic VAT legislation, namely the amendment of certain European VAT-related directives, binding upon all European Union Member States. In this context, NNDKP Tax Advisory Services specialists Marius Ionescu, Partner and Adina Vizoli, Tax Manager discussed together with the guests the main changes and challenges with respect to the VAT package. This mainly consists in amendments to the concept of "place where services are taxed", additional reporting obligations, new rules with respect to administrative cooperation and exchange of information between member states and a new procedure for refunding the VAT paid for purchases made in a member state other than the one where the company is established.

"The changes in Romanian legislation with respect to the VAT, applicable as of January 1, 2010, constitute a conceptual change with respect to determining the place where the services are taxed from a VAT perspective, both at the national and international level. Moreover, for the purpose of combating fraud in the VAT field at European Union level, additional reporting obligations will be imposed upon economic agents, by introducing the obligation to fill in the recapitulative statement and the statement of services received and provided within the European Union, apart from the intra-community transactions of goods. We believe that it is very important for any economic agent to make a synthesis of all service transactions performed, in order to determine the extent to which they are affected by the new legislative provisions and to correctly determine their additional reporting obligations starting on January 1, 2010. It is essential that such analysis takes place prior to January 1, 2010", states Adina Vizoli, Tax Manager NNDKP Tax Advisory Services.

"Just like in Bucharest, the event was a real success. Our clients provided us with exceptional feedback, which encourages us to organize further debates on other themes, after the sessions already held in Timişoara that focused on topics such as competition, labor law, data protection, taxes and tax law ", states Eva Forika, Senior Associate and head of the Timişoara office of NNDKP.

Among the participants to the event were representatives of renowned international and local companies, such as: Smithfield, ACI Worldwide, Ingleby, Dura Automotive, Hammerer Aluminium Industries, Kathrein or Fering.

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The series of Lex Atelier workshop sessions, an event launched by NNDKP in June of this year, is intended to foster debate on some of the most current themes in areas such as taxes and tax law, competition law, data protection, labor law, public procurement, environment law, and capital markets. The events that took place in Bucharest and Timişoara brought together NNDKP experts, representatives of large companies and of institutions relevant in the field.

NNDKP Tax Advisory Services, an affiliate division of the law firm, integrates complementary skills from the economic and legal fields, thus providing complete solutions in an extremely dynamic segment of the business community.

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