Increased reporting responsibility for Romanian businesses employing more than 50 individuals by 2025
In Romania, employers with over 50 employees are now required to submit annual reports, a measure aimed at increasing transparency and fairness in the labor market. The reporting obligation is being implemented by Lavinia Anghel, Attorney at Law at Grecu Partners Business Law Firm.
The reports will include various details about the workforce, such as the total number of employees, their distribution by age and gender, and the types of employment contracts. Additionally, the reports will cover salary levels and benefits granted to employees, measures adopted for workplace safety and health, and details about the policies and measures implemented to ensure equal opportunities.
The annual financial statements, subject to mandatory audit review before submission, should be submitted to the Romanian Trade Register. On the other hand, tax and payroll-related annual reporting will be submitted to the Romanian National Agency for Fiscal Administration (ANAF).
Regarding tax reporting obligations, employers must comply with ANAF requirements, which include detailed employee withholding and payroll taxes, as well as transfer pricing-related disclosures for large taxpayers. The exact deadlines for these reporting obligations align with the fiscal year-end requirements in Romania.
For instance, annual financial statements for companies with over 50 employees must be submitted after audit review, generally within a set deadline following the fiscal year-end, typically by the end of the first half of the following year. The exact submission dates should be confirmed with local regulations or the Trade Register but are usually around June or July for calendar-year companies.
Meanwhile, for tax reporting obligations managed by ANAF, reports are generally submitted annually with deadlines often by March 25 of the following year. However, exact deadlines can vary and should be verified each year.
Starting in 2025, employers with more than 50 employees in Romania will be required to submit an annual report. The first report must be submitted by January 31, 2025, and the requirement will be repeated annually on the same date.
It is essential for employers to verify whether their organization meets the legal criteria for reporting. They are also advised to prepare the necessary information in advance to avoid delays and to check the accuracy and completeness of the reported data to avoid potential penalties.
For further information or additional inquiries, contact [email protected]. Maintaining a good relationship with relevant authorities is crucial in this process. Compliance with this reporting obligation aims to improve transparency and fairness in the labor market and ensure compliance with equal opportunity principles in the workplace.
The reports submitted by employers with over 50 employees in Romania, as per the new requirement, will not only focus on labor market details but will also include financial statements for a comprehensive audit.
Moreover, these reports will be divided into two segments; the annual financial statements, subject to mandatory audit review, will be submitted to the Romanian Trade Register, while tax and payroll-related annual reporting will be submitted to the Romanian National Agency for Fiscal Administration (ANAF).
