0610

Authorization procedure and Trade Register aspects for NACE 0610

In order to carry out the activity of Extraction of crude petroleum (NACE 0610) in Romania, entities must obtain specific agreements, approvals, and licenses before registering with the Trade Register (ONRC). The procedure involves obtaining the concession license for petroleum perimeters from the National Agency for Mineral Resources (NAMR) and the environmental permit from the National Environmental Protection Agency. At the ONRC, the constitutive documents are submitted, and the main object of activity must explicitly be 'extraction of crude petroleum'. A sworn declaration according to Law 359/2004 is completed to confirm compliance with the legal operating conditions. For joint-stock companies, the minimum share capital is RON 90,000, and for limited liability companies (SRLs), RON 200.

Regulatory framework, specific approvals, and control institutions

Activities under NACE 0610 are strictly regulated by Petroleum Law No. 238/2004 and the norms of NAMR. The control institutions include NAMR, the National Environmental Guard, the Territorial Labor Inspectorate, and the Emergency Situations Inspectorate (ISU). Approvals are required from the National Agency for Mineral Resources (exploitation license), the environmental permit, the agreement from the Environmental Protection Agency, and the approval from the Emergency Situations Inspectorate (fire safety). For drilling wells, a drilling permit issued by NAMR and a notification to the Tax Authority (ANAF) regarding the start of extraction activity are required. Operators must establish financial guarantees for environmental restoration according to Government Emergency Ordinance 195/2005.

Tax management, ANAF audit risk, and specific accounting

From a fiscal perspective, income from the sale of crude oil is subject to the standard corporate income tax (16%) or the micro-enterprise income tax (1% or 3%, if the legal conditions are met). Taxpayers must register in the RO e-Factura system and issue electronic invoices for all deliveries. The concession fee and petroleum royalty (calculated as a percentage of production value) are declared through declarations 100 and 300, and excise duties do not apply. The specific tax (although not directly applicable to extraction, only to commerce) does not apply, but the activity falls under the supplementary income tax according to Government Emergency Ordinance 11/2017. ANAF may initiate tax inspections regarding the correctness of declaring royalties and extraction costs; the audit risk is high if the company reports systematic losses. Accounting is kept on a double-entry basis, with separate tracking of operating costs, amortization of wells, and provisions for land restoration. The balance sheet, profit and loss account, and declarations 100, 300, 394 are submitted monthly. Local obligations include property tax (well and premises) and land tax. To avoid penalties, periodic adjustment of the tax vector with ANAF regarding corporate income tax or micro-enterprise tax is recommended. Collaboration with a senior tax consultant and a certified accountant is mandatory to comply with the specific legislation on oil extraction.