Overview

Amendments to Romanian company law that came into effect over the summer mean that transfers of shares in Romanian limited liability companies are now subject to the pre-transfer scrutiny of the Romanian tax authorities.

Previously, any transfer of shares in a Romanian limited liability company was effective by mere execution of a share transfer agreement - the registration of the change in ownership at the competent trade register was of declaratory nature only.

This briefing from CEE specialists Schoenherr discusses the key points of the amended law – which is part of a larger package of reforms to combat tax evasion in Romania - for shareholders in Romanian businesses.