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The price of used water and its unjustified and non-transparent increase is one of the most debated issues in recent years by hydroelectric power plant operators and, in particular, by micro-hydropower operators, with a major impact especially in the context of the change in the support scheme for green energy and blockage in the green certificates market.

1- AMENDMENT OF LABOR CODE BY GEO 53/2017. WHAT FUTURE CHANGES WE MIGHT EXPECT 

Upon the entry into effect on August 7, 2017 of Government Emergency Ordinance no. 53/2017 which amended and supplemented the Labor Code, numerous discussions and problems arose in practice on trying to identify a realistic way of complying with these new legal requirements. 

NAFA issued the order 23/2017 published in the Official Gazette no. 706 of 31.08.2017 regulating the split payment of VAT. 

Along with the reason provided in art. 509 par. (1) (1) of the Code of Civil Procedure, the reason for the review discussed in this article is perhaps the most common in practice due to multiple interpretative possibilities, but also because it is apparently much more accessible than the other grounds for review, which are more rigid in interpretation. In the majority of cases, however, reviewers are basically trying to resume the fund by invoking a seemingly new document that does not meet the requirements of the law to underpin the review of a judgment. 

At a time when the business community is expecting the implementation norms to render law 233/2016 on public-private partnerships functional, the government comes up with a change in optics and announces amendment and simplification of the law and, eventually, issuance of the norms. The time horizon announced, when both the amended law and the implementation norms should be in force, is October 2017.

Along with the reason provided in art. 509 par. (1) (1) of the Code of Civil Procedure, the reason for the review discussed in this article is perhaps the most common in practice due to multiple interpretative possibilities, but also because it is apparently much more accessible than the other grounds for review, which are more rigid in interpretation. In the majority of cases, however, reviewers are basically trying to resume the fund by invoking a seemingly new document that does not meet the requirements of the law to underpin the review of a judgment. 

Law no. 24/2017 regarding the financial instruments issuers and stock market operations published in the Official Gazette of Romania, Part I, no. 213 of March 29, 2017, is based on legal provisions that initially existed in Law 297/2004 on capital market, as further amended, provisions taken further and/or amended by this new law so as to reflect the dynamics of the capital market and of the European legislation, with an aim to help investors stay more informed, to increase transparency, to improve the public tender offers’ regime and the financial instruments’ issuance, and to harmonize the sanctions for market abuse.

Expenses and value added tax are non-deductible for purchases made during the period in which your company or one of your business partners from whom you purchase goods or services is declared fiscally inactive. They can be deducted after fiscal reactivation in certain conditions. This article describes the situations where a company is declared fiscally inactive and how one can check the fiscal inactivity status, also analyzing the regime of expenses and value added tax during inactivation and after fiscal reactivation.

The Romanian code regulating audiovisual content has been recently amended. Among the changes, we mention the fact that minors can no longer be used in food advertising. Also, an important modification provides that the advertising of food supplements must contain the data approved by the authorities. This month’s cover article examines these changes and the broader context of these specific regulations.

The Deal:

On April 1, 2016, CEE Legal Matters reported that Voicu & Filipescu and Reff & Associates (a member of the Deloitte Legal network) had advised on Bel Rom Twelve’s sale of 12 of the 22.5 hectares of land it owned in Ramnicu Valcea, Romania, to the South African investment fund New Europe Property Investments (NEPI). 

The transaction represented the third sale of real estate between the parties and was described by Bel Rom shareholder Hendrik Danneels as “one of the most important real estate transactions in Romania over the recent period.”

Voicu & Filipescu has advised Bel Rom Twelve on the sale of 12 of the 22.5 hectares of land it owns in Ramnicu Valcea, Romania, to the South-African investment fund New Europe Property Investments (NEPI), marking the third such sale of real estate by the Bel Rom group to NEPI. Reff & Associates — a member of Deloitte Legal — advised NEPI on the deal.

Voicu & Filipescu at a Glance

Voicu & Filipescu was established in 2001 by Romanian lawyers Daniel Voicu and Mugur Filipescu, who at that moment took over the Romanian office of the international law firm Arent Fox Kitner Plotkin & Kahn LLP. Ever since its establishment, Voicu & Filipescu has been one of the top ten Romanian law firms in terms of turnover, market position and reputation. 

Today, the firm provides full service legal and tax advice to multinational and local clients active in a variety of industries. Our services include corporate and commercial, mergers and acquisitions, banking and finance, litigation and arbitration, energy and natural resources, tax and accounting consultancy, PPP and public procurement, real estate and constructions, competition, insurance, capital markets, intellectual property, employment, IT&C and data protection, insolvency and reorganization, privatizations.

The Firm receives constant recognition and awards from national and international research organisms, including Chambers & Partners, Legal500, IFLR 1000, ILO.

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