Breaking Down the New Reporting Obligations for Romanian Employers
Yearly reporting requirement set for Romanian businesses employing more than 50 individuals - Effective 2025
Employers in Romania, with more than 50 employees, are gearing up for new mandates starting in 2025. This move aims to boost transparency in the workplace and uphold equal opportunity principles.
Here's a simplified breakdown of what's expected:
Annual Report Content
The report is comprised of the following segments:
- Employee demographics: total headcount, age and gender distribution, types of employment agreements.
- Equal opportunity policies and measures.
- Salary levels and benefits.
- Workplace safety and health measures.
- Other pertinent data as required by authorities.
Who's Responsible
This reporting requirement applies to all industries, including public institutions. Companies must have had at least 50 employees for the previous year.
Deadlines
The initial report is due by January 31, 2025, and the process will be repeated annually on the same date.
Report Recipients
The reports should be submitted to the National Authority for the Protection of the Rights of Persons with Disabilities (ANDPD) and the National Employment Agency (via county employment agencies or the Bucharest municipal agency, based on the employer's registered location).
Tips for Employers
- Verify your company's eligibility.
- Prepare data in advance to ensure a smooth process.
- Consult the official reporting guide for compliance.
- Verify the accuracy and completeness of your data to avoid potential penalties.
This initiative aims to enhance transparency and fairness in the job market. Compliance is essential to stay clear of sanctions and maintain a cordial relationship with authorities.
For further information or inquiries, reach out to [email protected].
This is Partner Content.
(Image source: Dreamstime.com)
Insights
- Financial Statements: Romanian companies need to prepare and submit annual financial statements consisting of the balance sheet, income statement, and notes to the financial statements adhering to local accounting standards or IFRS (International Financial Reporting Standards).
- Tax Returns: Although companies are not obligated to file an annual income tax return on behalf of their employees, they must issue an annual salary certificate if requested, and they are required to file a consolidated monthly tax return electronically through the ANAF (National Agency for Fiscal Administration) system.
- Sustainability Reporting: Under the Corporate Sustainability Reporting Directive (CSRD), large EU companies, including those in Romania, are mandated to disclose audited sustainability statements.
- CAEN Rev.3 Classification: Starting January 1, 2025, Romanian companies must use the CAEN Rev.3 classification system for economic activities in all relevant reports and filings.
- Accessibility Reporting: Romanian businesses must comply with the European Accessibility Act by June 2025, which may entail additional reporting or documentation. Given the dynamic nature of regulations, consulting with legal and financial professionals is crucial to ensure compliance with all reporting requirements and deadlines.
In the context of new reporting obligations for Romanian employers, financial statements must be prepared and submitted annually, adhering to local accounting standards or IFRS (International Financial Reporting Standards). Additionally, compliance with the Corporate Sustainability Reporting Directive (CSRD) is mandatory for large EU companies, including those in Romania, who are now required to disclose audited sustainability statements.
