New non-reimbursable financing opportunities 1. Amendments to the Fiscal Code and the Fiscal Procedure Code 1.1. Amendments brought by Law 168/2013 on the approval of Government Ordinance no. 8/2013 for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code and the regulation of some financial-fiscal measures The main changes: • the paragraph that provided that exceeding the travel allowance above the limit of 2.5 times the legal level established for public institutions is repealed is a non-deductible expense; • are exempted from limiting the deduction of expenses with depreciation of fixed means of transport persons who have at most 9 passenger seats, up to 1,500 lei / month, used for intervention activities, security services, courier, cars used by sales agents and acquisitions, and cars used in the taxi business and those rented or leased to third parties; • regarding micro-enterprises, for the newly established Romanian legal entities that, at the date of registration in the trade register, have a share capital representing at least the equivalent in lei of the amount of 25,000 euros may choose to be profit tax payers in case which this condition is not observed, the legal entities become micro-enterprises starting with the fiscal year following the one in which the share capital is reduced below the value representing the equivalent in lei of the amount of 25,000 euros from the date of registration. • will be taxed with 50% the income of non-residents, from services (of the nature of management services, consulting in any field, marketing, technical assistance, research and design in any field, advertising and publicity regardless of the form in which are also made by lawyers, engineers, architects, notaries public, accountants, auditors) in Romania or outside Romania, dividends, interest, commissions, royalties and from the exercise of a free profession if the income is paid in a state with which Romania has not concluded a legal instrument on the basis of which to exchange information; These provisions apply only if the income is paid as a result of transactions qualified as artificial. According to the Fiscal Code, if the transactions or a series of transactions are qualified as artificial, they will not be considered as part of the scope of the double taxation conventions. Artificial transactions are transactions or series of transactions that do not have an economic content and that cannot be used normally in ordinary economic practices, their essential purpose being to avoid taxation or to obtain tax advantages that otherwise could not be granted.

• from the VAT point of view, the reverse charge was extended in case of delivery of cereals and technical plants until May 31, 2014; the deadline was May 31, 2013. • in the case of non-resident taxpayers who carry out activities on the Romanian territory through one or more permanent establishments, obliged to establish one of the permanent establishments as a permanent establishment designated to fulfill the fiscal obligations. 1.2. Amendments brought by the Government Decision 276/2013 regarding the establishment of the input value of fixed assets, The amendments targeted by this normative act will enter into force starting with 01.07.2013. The minimum entry value of the fixed assets for registration in accounting is changed to 2,500 lei. The remaining unamortized value of fixed assets with an entry value between 1800 and 2500 lei existing at the date of entry into force of this decision is recovered for the remaining normal period of operation. 2. Amendments to the fiscal procedure code 2.1. Amendments brought by the Emergency Ordinance 50/2013 regarding the regulation of some fiscal measures The amendments covered by this normative act indicated below will enter into force starting with 01.07.2013. Thus, the level of the delay penalty is 0.02% for each day of delay, for the payment obligations due after this date. For the payment obligations maturing until July 1, 2013, which expire after this date, the level of delay penalty in force until this date applies, respectively: a. if the settlement is made within the first 30 days from the due date, no delay penalties are due and calculated for the main extinguished fiscal obligations; b. if the settlement is made within the next 60 days, the level of the delay penalty is 5% of the main fiscal obligations extinguished; c. after the fulfillment of the 90-day term, the level of the delay penalty is of 15% of the main fiscal obligations left unpaid.