How the 2024 Amendments to Romanian Competition Law Will Impact Businesses

Did you know Romania’s economy grew by 4.1% in 2022 and 2.1% in 2023?

This growth, along with new changes to Romanian competition law in 2024, will change the business scene.

These updates will touch companies in many fields, from big tech firms to small local businesses.

The 2024 changes to Romanian competition law make big updates to antitrust rules and competition policy.

These updates follow EU plans and give more power to the Romanian Competition Council.

New rules for handling mergers, cartels, and dominance issues are now in place.

Your business must quickly adjust to these new rules.

The goal is to ensure fair competition and stop market abuse.

Not following these rules could lead to serious fines.

It’s vital to understand these new rules to stay competitive in Romania.

Many sectors will be affected, including tech, cars, energy, and banking.

The Romanian Competition Council now has more power to check mergers and acquisitions.

They must tell the Supreme Council of National Defense about deals that might affect national security.

These updates also bring in a new way to check foreign investments.

Investments over €2 million in key sectors will get extra checks.

This could change how international companies deal with the Romanian market.

Key Takeaways

• Romanian competition law amendments align with EU standards;
• Increased powers granted to the Romanian Competition Council;
• New regulations for merger control and anti-competitive agreements.
• Foreign investment screening mechanism introduced;
• Businesses must adapt to avoid penalties and maintain competitiveness.

Overview of Romania’s Competition Law Framework

Romania’s competition law framework is key to its market rules.

It promotes fair competition and stops abuse of market power.

It also guides how mergers are controlled.

Knowing this framework is vital for businesses in Romania.

Competition Law no. 21/1996

Law no. 21/1996 is at the core of Romania’s competition policy.

It outlines rules for market dominance and merger control.

It also gives the Romanian Competition Council (RCC) the power to enforce these rules and fine violators heavily.

Unfair Competition Law no. 11/1991

Law no. 11/1991 on unfair competition complements the main law.

It targets specific anti-competitive actions.

It’s essential for keeping the market fair in different sectors.

Key Legislative Instruments

Several other laws complete Romania’s competition law framework:

• Government Emergency Ordinance no. 170/2020 on damages for competition law infringements;
• Law no. 81/2022 on unfair practices in the agricultural and food supply chain;
• GEO no. 23/2021 implementing EU Regulation 2019/1150 on online intermediation services.

These laws, along with government decisions and RCC guidelines, make up a detailed system.

This system is updated regularly to meet EU standards and tackle new market issues.

Amendments Romanian Competition Law

Romania has updated its antitrust laws, making big changes to how mergers and restrictive practices are handled.

These updates aim to make the market more competitive and follow EU standards.

The Romanian Competition Council (RCC) now has more power.

It can do dawn raids without needing a formal investigation, but only with court approval.

This helps the RCC fight unfair trading practices in Romania faster.

The laws on economic concentration have been changed.

Companies must tell the RCC about mergers if their total worldwide sales are over €10 million.

They also need to report if their sales in Romania are more than €4 million for at least two parties involved.

This makes sure big market changes get checked closely.

The new rules also bring tougher penalties for breaking the law.

Fines can be up to 10% of a company’s global sales for being part of a single economic unit.

This is meant to stop companies from acting against the competition.

These updates start a new chapter in Romanian competition law.

They focus on stricter rules and more market openness.

Companies in Romania need to keep up with these changes to follow the law and keep the market fair.

Enhanced Powers of the Romanian Competition Council

The Romanian Competition Council now has more tools to ensure fair competition.

These changes help Romania follow EU standards better.

This is good for both consumers and businesses.

Investigation Authority Expansion

The Council can now inspect personal devices for business use.

This includes external and cloud servers.

This lets them investigate anti–competitive practices more thoroughly.

Dawn Raid Procedures

The Council’s dawn raid powers have grown.

They can involve law enforcement if there’s a chance of obstruction.

This ensures they can get the evidence they need without trouble.

Enforcement Capabilities

The Council can now fine companies up to 10% of their turnover.

Fines for not cooperating or giving wrong information are between 0.1% and 1% of worldwide turnover.

• Market analyses requested by the Government now have a streamlined 6-month process.
• The Council can dismiss claims based on prioritization.
• A formal leniency program has been incorporated into Romanian Competition Law.

These new powers help the Romanian Competition Council enforce rules better.

They aim to make the business environment fairer and more competitive in Romania.

Impact on Merger Control and Acquisitions

The 2024 changes to Romanian competition law have big effects on mergers and acquisitions.

These updates impact both local and international deals.

They change the competitive scene for companies in Romania.

The Romania Competition Authority has updated the rules for merger notifications.

Now, deals need to be reported if the total worldwide sales of involved companies are over €10 million.

Also, at least two companies must have sales in Romania over €4 million in the last year.

Fees for filing have changed too.

You need to pay €1,000 just to submit.

Then, fees can go from €10,000 to €50,000 based on the investigation phase.

The Romanian Competition Council (RCC) has 45 days to decide on a deal or start a deeper investigation for complex cases.

These updates aim to make mergers and acquisitions more efficient and legal.

Companies now face a more detailed regulatory world.

They must think about market power and possible negative effects on competition.

New Regulations for Anti-Competitive Agreements

Romania’s competition law has seen big changes to fight anti-competitive agreements.

These updates match EU standards and give clearer rules for businesses.

They aim to stop cartels and deal with price fixing in vertical agreements.

Horizontal Agreements

The new rules make it easier to watch over agreements between competitors.

Cartel investigations now cover more, like price-fixing and market sharing.

The Romanian Competition Council can now find and punish these practices better.

Vertical Restraints

Vertical agreements between suppliers and distributors are under closer watch.

The law now has clearer rules on price fixing and exclusive deals.

Companies need to check their contracts to stay within the law.

Information Exchange Guidelines

New rules on sharing information between companies have been set.

These aim to stop anti-competitive data sharing that could lead to monopolies.

Companies must be careful when sharing data to avoid breaking these rules.

The Romanian Competition Council can now do more to enforce these rules.

Fines for breaking these agreements can be up to 3% of a company’s turnover from the last year.

To stay on the right side of the law, companies should have strong compliance programs and train their staff regularly.

Changes in Market Dominance Rules

The Competition Council of Romania has made big changes to market dominance rules.

These updates aim to catch potential abuses better and protect consumers.

Now, there are clearer rules for figuring out who has too much power in the market.

Companies with big market shares are under closer watch now.

The Competition Council can now investigate and enforce rules against those who abuse their power.

This move helps keep the market fair and stops cartels from forming.

Key changes include:

• Updated definition of market dominance;
• Enhanced investigation powers for the Competition Council;
• Stricter penalties for abuse of dominant position;
• New guidelines for assessing market power.

Businesses need to be more careful to avoid being accused of abuse.

The Competition Council can fine companies up to 1% of their total sales for breaking the rules.

This shows how serious it is to follow competition laws in Romania.

These updates follow a trend in Europe to stop unfair business practices.

They help protect smaller businesses.

Companies in Romania should check their strategies to make sure they follow these new rules.

Foreign Investment Screening Mechanism

Romania has introduced a new way to handle foreign investments.

This change aims to balance economic growth with national security.

It makes the market more competitive and ensures fair trade.

Strategic Sectors Coverage

The new rules focus on key areas like energy, defense, and telecommunications.

This helps prevent monopolies and promotes a balanced economy.

Investment Thresholds

The mechanism has a €2 million threshold for mandatory screening.

This rule applies to non-EU investors in sensitive sectors.

It supports Romania’s economic reforms while keeping the investment climate open.

Review Procedures

The review process is detailed but quick.

In 2023, 105 clearances were given, with just one case needing commitments from the buyer.

This shows Romania’s dedication to foreign investments while protecting its interests.

Experts foresee more filings and clearances in 2024.

The Romanian Competition Council plans to update its guidelines.

These updates aim to improve the economy while keeping trade fair.

Compliance Requirements for Businesses

New rules in Romanian competition law make businesses work harder to follow the law.

They must set up strong compliance programs.

This means training staff, doing audits, and having ways to report any issues.

The Romanian Competition Council (RCC) can fine companies up to 10% of their global sales if they don’t follow the rules.

To stay safe, businesses should:

• Do a deep check to find out where they might run into competition problems;
• Make a detailed compliance guide with steps to follow;
• Make sure all employees get the training they need;
• Have rules for when someone breaks the competition rules.

Every company, big or small, needs a good compliance program.

The RCC says it’s key to share these programs inside and outside the company.

Trade groups can help small businesses a lot with this.

When buying or selling a company, it’s important to include rules for following the competition law.

Also, check the target company’s compliance risks.

A good compliance program can help in legal battles and might even get you leniency.

By focusing on stopping cartels and following economic liberalization, businesses can handle Romanian competition law better.

How well your compliance program works depends on how well it’s done in your company.

Penalties and Enforcement Measures

The Romanian Competition Council (RCC) has made its rules stricter to ensure fair competition.

It aims to stop bid rigging and other unfair practices.

This is done through tougher fines and legal changes.

Administrative Fines

Companies can face big fines for breaking competition laws.

Fines for not reporting a merger can be 0.5% to 10% of their last year’s earnings.

Fines for non-resident companies are based on their turnover in Romania.

Supermarkets might get fined up to 12,000 EUR for not sharing resale prices for market studies.

Criminal Sanctions

In serious cases, criminal penalties can be applied.

The RCC can now copy electronic data during dawn raids.

This helps them gather evidence for criminal cases against unfair practices.

Leniency Programs

The RCC has updated its leniency programs to encourage cooperation.

Companies that break cartels can get smaller fines by helping during investigations.

This helps to expose and stop unfair agreements and increase market openness.

These rules show how crucial it is for businesses to follow competition laws in Romania.

Companies need to keep up with these changes to avoid fines and stay compliant.

State Aid and Public Support Regulations

Romania’s competition law has seen big changes in state aid rules.

These updates follow EU standards to ensure fair market competition.

Now, public bodies and businesses must follow new rules when giving or getting state support.

The Romanian Competition Council (RCC) has more power to watch over state aid.

They can do sector inquiries to see how public support affects certain industries.

This keeps the market fair and stops unfair advantages.

Companies getting state aid must have strong compliance programs.

These programs help follow new rules and lower the chance of facing competition lawsuits.

The RCC can fine up to 10% of a company’s global sales for breaking state aid rules.

The new rules make state aid processes more open.

Public bodies must tell the RCC about all state aid.

This makes sure the market stays fair, and no one gets an unfair edge.

Companies looking for state aid should get ready for tougher checks.

The RCC will look closely at the need and fairness of aid.

This makes sure aid doesn’t harm competition or other businesses.

Consumer Protection Enhancements

Romania’s competition law changes are big wins for consumer protection.

They follow EU rules, making trade fairer and transactions clearer.

This helps both shoppers and sellers.

The new rules give consumer protection groups more power.

They can now dig deeper into unfair business acts.

This means better protection for shoppers from tricks and scams.

Companies must follow these new rules closely.

They need to share more info and ensure products are safe.

Breaking these rules can lead to big fines or lawsuits.

Now, consumers have better ways to fight unfair business practices.

They can file complaints easier and get help faster.

This makes the market fairer and healthier for everyone.

• 58% of respondents believe it’s possible to quantify consumer welfare impact in specific cases;
• 75% use qualitative and quantitative methods to assess consumer welfare;
• 81% agree that consumer welfare includes quality and economic criteria.

These numbers show a big push for measuring how well consumers are doing.

Businesses should focus on making shoppers happy to meet the new rules.

Digital Markets and E-commerce Provisions

Romania’s competition law has changed to reflect the importance of digital markets and e-commerce.

These updates aim to promote fair competition online.

They also protect smaller businesses and consumers in the digital world.

Online Platforms Regulation

New rules for e-commerce focus on online platforms.

They prevent big tech companies from abusing their power.

The National Consumer Protection Authority (ANPC) now has more power to enforce these rules.

Digital Competition Rules

The law now includes rules for digital competition.

These rules help make sure everyone has a fair chance online.

They cover things like:

• Data usage and sharing practices;
• Algorithm transparency;
• Fair access to digital marketplaces;
• Protection against unfair business-to-consumer practices in the digital space.

Companies in Romania’s digital markets must follow these new rules.

The goal is to encourage innovation, protect consumers, and ensure fair competition in the digital economy.

Sectoral Impact Analysis

The 2024 changes to Romanian competition law will change how markets work in different areas.

If you’re in energy, telecommunications, retail, or finance, you might see new challenges.

These updates aim to make markets more competitive and fight against unfair practices.

The Competition Council now has more power to check on sectors.

This means your industry could face closer looks to make sure everyone plays fair.

For instance, in energy, they might look into how prices are set or big mergers that could change the market.

Telecoms and retail companies should get ready for more checks on their online activities.

The new rules want to make sure everyone online competes fairly.

Finance firms need to update their rules on sharing info and how big they can get in the market.

These updates are part of making Romanian competition law match EU standards.

By keeping up with these changes and adjusting your business, you can thrive in this new environment.

This helps keep the market healthy and competitive.

Understanding DeFi Taxation Regulations in Romania

In Romania, it is important for cryptocurrency investors to be aware of the DeFi taxation regulations surrounding decentralized finance (DeFi) and digital assets.

The country considers cryptocurrency as income from alternative sources, subject to the existing income tax rules.

While the Agenția Națională de Administrare Fiscală (ANAF) has not provided specific guidelines on crypto taxation, there are key principles to keep in mind.

According to Romanian tax laws, income from crypto transactions is subject to a flat Personal Income Tax (PIT) rate of 10%.

This applies to income from activities such as selling, swapping, or spending crypto assets.

Likewise, crypto capital gains are also taxed at the same rate under the existing income tax laws.

It is worth noting that the ANAF has the ability to track crypto transactions due to EU regulations on anti-money laundering.

Losses from crypto can be deducted and carried forward for up to 7 years, providing a potential tax benefit to investors.

While the ANAF has not explicitly defined the cost basis method for calculating gains and losses, methods such as FIFO, LIFO, and average cost basis are generally accepted.

This allows investors to choose the most suitable method for their individual circumstances.

Additionally, income from activities like crypto mining, staking, and earning tokens through DeFi protocols is also subject to income tax at a rate of 10%.

However, certain tax-free transactions are exempted, including purchasing crypto using fiat currency, gifting crypto, transferring between wallets, and HODLing crypto assets.

As the fintech industry continues to evolve in Romania, it is crucial for crypto enthusiasts and investors to stay informed about the latest tax laws and regulations.

By understanding the DeFi taxation landscape, you can ensure compliance with the authorities and make informed decisions regarding your crypto investments.

How Crypto Taxation Works in Romania

In Romania, crypto taxation follows the existing income tax laws.

When you sell, swap, or spend your crypto assets, the gains from these transactions are considered disposals and are subject to a PIT (Personal Income Tax) rate of 10%.

It’s important to note that losses from crypto investments are not taxable and can be used to offset any gains you may have.

However, the responsibility of calculating gains and losses falls on the investor, and the cost basis method for these calculations is not explicitly defined by the Agenția Națională de Administrare Fiscală (ANAF).

To provide clarity, let’s take a look at an example of how gains are calculated in Romania.

Suppose you purchase 10 ETH for a total of 20,000 RON and later sell them for 30,000 RON.

You would have a gain of 10,000 RON (30,000 RON – 20,000 RON), which would be subject to the 10% PIT rate. In this case, you would owe 1,000 RON in taxes (10,000 RON x 10%).

Calculating Crypto Gains and Losses in Romania

When it comes to calculating gains and losses, there are various cost basis methods you can use, such as FIFO (First-in, First-out), LIFO (Last-in, First-out), or average cost basis.

However, it’s important to note that the specific method to be used is not explicitly defined by the ANAF.

Therefore, it’s advisable to consult with a tax professional or accountant who can assist you in determining the most appropriate cost basis method for your crypto investments.

By understanding how crypto taxation works in Romania and calculating your gains and losses accurately, you can ensure compliance with the country’s tax regulations while managing your crypto investments effectively.

Crypto Income Tax in Romania

When it comes to crypto income tax in Romania, it’s important to understand the regulations and requirements.

Income from activities such as crypto mining, staking, earning tokens through DeFi protocols, and other sources is subject to income tax at a rate of 10%.

This means that if you receive income from these activities, you are responsible for reporting and paying taxes on it.

To calculate your crypto income in Romania, you need to add the fair market value of all tokens received and pay personal income tax (PIT) on the total amount.

Keep in mind that the cost basis method for calculating gains and losses is not explicitly defined by the Agenția Națională de Administrare Fiscală (ANAF), so it’s important to consult with a tax professional or accountant for guidance on the best method to use.

It’s also worth noting that not all crypto transactions are taxable.

Certain transactions, such as purchasing crypto using fiat currency, gifting crypto, transferring between wallets, and HODLing crypto assets, are considered tax-free.

This means that you don’t have to report or pay taxes on these types of transactions.

However, it’s important to keep detailed records of all your crypto transactions to ensure accurate reporting.

Summary:

• Crypto income in Romania is subject to a 10% personal income tax rate.
• To calculate your crypto income, add the fair market value of all tokens received.
• Consult with a tax professional for guidance on the best method to calculate gains and losses.
• Certain crypto transactions, such as purchasing crypto using fiat currency, gifting crypto, transferring between wallets, and HODLing crypto assets, are tax-free.
• Keep detailed records of all your crypto transactions for accurate reporting.

By understanding the crypto income tax regulations in Romania, you can ensure compliance and avoid any potential penalties or legal issues.

It’s recommended to consult with a tax professional who specializes in cryptocurrency taxation to navigate the complexities of this evolving landscape.

Regulatory Landscape for Fintech in Romania

In Romania, the government has shown a positive attitude towards blockchain and cryptocurrencies, recognizing their potential benefits.

The regulatory landscape for fintech in Romania largely follows the guidelines issued by the European Union (EU), with EU regulations on blockchain and cryptocurrencies influential in shaping the local regulations.

The government has taken steps to regulate activities related to blockchain and cryptocurrencies in sensitive areas such as tax, anti-money laundering (AML)/know your customer (KYC) procedures, and criminal law.

To strengthen crypto regulation, the government has adopted Emergency Ordinance No. 111/2020.

One notable provision of the ordinance is that the provision of crypto-to-fiat exchange services and digital wallet services requires authorization and/or registration.

The government is in the process of implementing regulations for these services to ensure compliance and consumer protection.

These regulatory efforts aim to foster a more secure and transparent environment for fintech activities.

Table: Overview of Fintech Regulations in Romania

Romania also actively contributes to EU initiatives and projects related to blockchain and digitalization.

By participating in these initiatives, Romania aims to stay up-to-date with international standards and foster collaboration in the fintech sector.

Overall, the regulatory landscape for fintech in Romania is evolving, with the government taking proactive steps to keep pace with technological advancements in the sector.

These efforts aim to create a conducive environment for fintech innovation while safeguarding consumer interests and maintaining financial stability.

Funding Options for Fintech Startups in Romania

When it comes to funding options for fintech startups in Romania, there are several avenues to explore.

Whether you’re looking for equity financing or debt funding, the Romanian market offers opportunities for entrepreneurs to secure the capital they need to bring their innovative ideas to life.

Equity Funding

Equity funding is a common option for fintech startups in Romania.

This type of funding involves selling shares of your company to investors in exchange for capital.

By giving up a portion of ownership, you can attract investors who believe in your business model and its potential for growth. Equity funding can come from angel investors, venture capital firms, or even crowdfunding platforms.

Debt Funding

Debt funding is another option for fintech startups in Romania.

This type of funding involves taking out a loan or line of credit to finance your operations.

Unlike equity funding, you retain full ownership of your company, but you are responsible for repaying the borrowed capital along with any interest or fees.

Debt funding can come from traditional banks, alternative lenders, or even government-backed programs.

When considering funding options for your fintech startup in Romania, it’s important to carefully evaluate your business needs, growth potential, and risk tolerance.

Each funding option has its own advantages and disadvantages, so it’s crucial to choose the one that aligns best with your long-term goals and vision for success.

Remember, regardless of the funding option you choose, it’s essential to thoroughly research and understand the legal and regulatory requirements associated with raising capital in Romania.

Consult with legal and financial professionals who specialize in fintech to ensure compliance and make informed decisions for your startup’s financial future.

The Fintech Market in Romania

Romania has witnessed a significant growth in its fintech market in recent years, with the emergence of various fintech companies in sectors such as blockchain, crowdfunding, banking, e-commerce, lending, and payment gateway.

The COVID-19 pandemic has further accelerated the adoption of online services and digital solutions in several sectors, including healthcare and insurance.

As a result, fintech solutions such as payment applications, decentralized finance (DeFi) projects, peer-to-peer lending protocols, and neo-banking have gained popularity among the Romanian population.

The fintech market in Romania shows great potential for further growth and the emergence of fintech unicorns.

With the government prioritizing digital transformation and innovation, Romania aims to stay on the cutting edge of technological advancements.

Blockchain technology is expected to play a pivotal role in future developments, and innovative approaches like data science and machine learning are anticipated as the market continues to mature.

Additionally, Romania is focusing on environmental, social, and governance (ESG) objectives and aims to implement ESG guidelines in the Bucharest Stock Exchange.

The government is actively working towards supporting innovation and the creation of valuable intellectual property by encouraging local talent and providing funding for research and technology.

With a conducive regulatory environment and a growing ecosystem, Romania is poised to continue its fintech development and contribute to the global fintech landscape.

Fintech Innovation Trends in Romania

1. Blockchain Integration: Romania recognizes the potential of blockchain technology and is actively exploring its applications in various industries, including finance.

The integration of blockchain technology is expected to enhance security, transparency, and efficiency in financial transactions, leading to the development of innovative fintech solutions.

2. Digital Payments: The adoption of digital payment solutions is rapidly increasing in Romania, driven by the convenience and speed they offer.

Mobile payment applications, contactless payments, and e-wallets are gaining popularity among Romanian consumers, providing opportunities for fintech companies to innovate and provide seamless payment solutions.

3. Open Banking: Romania is embracing the concept of open banking, which allows third-party financial service providers to access customer data from traditional banks through secure APIs.

This opens up opportunities for new fintech players to offer personalized financial services and products to customers, fostering competition and innovation in the market.

Future Outlook for Fintech in Romania

The future of fintech in Romania is poised for remarkable growth as the government places a strong emphasis on digital transformation and innovation.

With blockchain technology set to play a central role in future technological advancements, the country is well positioned to harness the potential of decentralized finance and revolutionize the financial landscape.

As the fintech market matures, Romania is expected to adopt innovative approaches such as data science and machine learning. These cutting-edge technologies will enable businesses to uncover valuable insights, enhance decision-making processes, and optimize customer experiences.

By leveraging these tools, fintech companies can unlock new opportunities and stay ahead in the dynamic market.

Furthermore, Romania is committed to promoting environmental, social, and governance (ESG) objectives.

The implementation of ESG guidelines in the Bucharest Stock Exchange highlights the government’s dedication to sustainable practices.

By prioritizing ESG principles, Romania aims to create a robust and responsible fintech ecosystem that aligns with global standards.

The Future is Digital for Romania

Digitalization continues to be a key focus for Romania.

With an increasing number of individuals embracing online services and digital solutions, the demand for innovative fintech solutions is on the rise.

Payment applications, DeFi projects, peer-to-peer lending protocols, and neo-banking are gaining popularity, making fintech an integral part of everyday life for many Romanians.

Moreover, the Romanian government is committed to supporting local talents and fostering technological advancements.

By encouraging innovation and providing funding for research and technology, Romania aims to create an environment conducive to the development of valuable intellectual property.

These efforts further solidify Romania’s position as an emerging hub for fintech innovation.

In conclusion, the future of fintech in Romania holds immense potential.

With a strong focus on digitalization, innovation, and ESG principles, Romania is poised to become a thriving fintech ecosystem that not only meets the evolving needs of its population but also contributes to the global fintech landscape.

Tax Considerations for DeFi FAQ

1. What is the tax treatment for DeFi activities in Romania?

According to the Romanian tax system, income obtained from DeFi activities are subject to taxation.

The applicable tax regime will depend on various factors such as the legal entity involved and the nature of the income.

It is important to consult the Romanian tax code and seek guidance from the National Agency for Fiscal Administration to understand the specific tax obligations.

2. Are there any tax exemptions available for DeFi in Romania?

Currently, there are no specific tax exemptions for DeFi activities in Romania.

However, certain deductions and allowances may be applicable based on the existing tax legislation.

It is advised to consult a tax professional or the tax authorities to determine the available tax benefits.

3. How is the income obtained from DeFi activities taxed in Romania?

The income obtained from DeFi activities is subject to personal income tax in Romania.

The tax rate depends on the individual’s total taxable income and the applicable tax brackets.

It is important to keep track of the income generated from DeFi activities and report it accurately in the annual tax return.

4. What are the tax authorities responsible for overseeing DeFi taxation in Romania?

The National Agency for Fiscal Administration (ANAF) is the authority responsible for overseeing tax matters in Romania.

They provide guidance, implement tax policies, and ensure compliance with the tax laws, including those related to DeFi activities.

It is advisable to refer to their official website or consult with them directly for specific tax queries.

5. How does DeFi taxation differ for individuals and legal entities in Romania?

DeFi taxation in Romania differs for individuals and legal entities.

Individuals are subject to personal income tax on the income obtained from DeFi activities, while legal entities may be subject to corporate income tax.

It is essential to understand the tax regime applicable to your specific situation and comply with the respective tax obligations.

6. Are there any specific tax changes anticipated for DeFi in Romania?

As tax laws and regulations are subject to change, it is possible that specific tax changes may be introduced in the future regarding DeFi activities in Romania.

It is advisable to stay updated with the latest tax legislation and consult with tax professionals or the tax authorities to ensure compliance with any new tax requirements.

7. Are there any tax treaties that Romania has signed regarding DeFi taxation?

Romania has signed double tax treaties with several countries to avoid double taxation and regulate tax matters, including those related to DeFi activities.