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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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