The Fiscal Code and Building Valuation for Taxation Purposes
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VA LU E WHEREVER IT IS No.2 2016 Edited by ANEVAR – The National Association of Authorized Romanian Valuers Valuation Standards The Fiscal Code and - Lights and Shadows Building Valuation for Daniel Manațe 6 Taxation Purposes Adrian Vascu 10 Up-To-Date Valuation Appraisal Adrian Vascu 22 If There Is No Competence, Might There Be Responsibility? Dana Ababei 48 Activity Report of ANEVAR Individual and Corporate Members – 2014 50 www.facebook.com/ANEVAR.oficial www.linkedin.com/company/anevar https://twitter.com/AnevarRomania CONTENTS 06 34 28 22 Up-To-Date Valuation Appraisal Adrian Vascu 05 Inside 28 “VALUATION ACTIVITY Raluca Șlicaru IS A CORNERSTONE IN MARKET ECONOMY” 06 Valuation Standards 56 Determining Taxable Value - Lights and Shadows 34 “TO REACH EXCELLENCE, of Non-Residential Daniel Manațe PEOPLE SHOULD Buildings BE AWARE OF THEIR Anuţa Stan 10 Rest Ensured PERTAINING TO A GROUP” Gheorghe Bădescu of Commitments Adrian Vascu 44 “ANEVAR in twenty years’ 58 The Secret of Success: time: I envisage the Responsibility 16 THE FISCAL CODE AND Association as Adrian Crivii BUILDING VALUATION FOR a European valuation leader“ TAXATION PURPOSES 60 RBA REQUIRES THAT Adrian Vascu 48 If There Is No Competence, THE MORTGAGE CREDIT Might There Be DIRECTIVE, AS CONCEIVED Responsibility? BY ITS ISSUING Dana Ababei ENTITY, SHOULD BE FOLLOWED TO THE LETTER 50 Activity Report of ANEVAR Florin Dănescu Individual and Corporate Members - 2014 62 EVENTS 62 44 50 VALUE | 2016 3 NEWS Read the magazine accessing the application “VALOAREA” in App Store or Google Play where you can find, besides this issue in English, the whole archive of the magazine in Romanian. Editorial Office: 7 Scărlătescu Street , Bucharest, 011158 Tel.: +40 21 315 65 64; +40 21 315 65 05 Fax: +40 21 311 13 40 E-mail: [email protected] VA LU E WHEREVER IT IS Publisher: Coordinating Editor: Advertising Sales: Photos: ANEVAR Raluca Șlicaru Raluca Șlicaru Timi Șlicaru; tel.: 0722 53 44 90 Dreamstime.com Editorial Office: DTP: [email protected] ANEVAR www.dtpdesign.ro ISSN 2393 – 1477 PRINTED BY CN POȘTA ROMÂNĂ ISSN-L 2393 – 1477 The contents of this publication, integral or partial, is strictly forbidden to reproduce, archive or convey by any means – digital, mechanical, photocopying or recording – in the absence of ANEVAR’s prior written approval. The points of view expressed in Value, Wherever It Is magazine illustrate the opinions of the authors and do not engage ANEVAR’s responsibility. ANEVAR’s official point of view is expressed in the documents adopted and endorsed by its governing bodies. ANEVAR takes no responsibility and offers no guarantees for the products and/or services advertised in Value, Wherever It Is magazine, though they were subject to rigorous verification. Value, Wherever It Is magazine is educational and informative in nature, but, by means of this publication, ANEVAR does not supply consulting services in the field of: valuation, accountancy or legal. 4 VALUE INSIDE hat a successful year 2015 was! We really made a go of all the Association’s undertakings, which was positively mirrored in the issues dealt with in Wthe Romanian version of the magazine ”VALUE, WHEREVER IT IS.” The English version of the magazine, now at its second edition, has taken up the most important of them. I kindly invite you to join us in looking through them in what follows. Just have your pick of issues. I would recommend those related to the main projects started last year: the ANEVAR 2015 Valuation Standards (a volume published both in Romanian and in English), the data bases BIG (Real Estate Guarantee) and BIF (Taxable Value of Buildings), getting specialised in VE (Valuation Reviews) and others. Ű RALUCA ȘLICARU, At the end of 2015, within the ANEVAR National Conference Coordinating Editor in Brasov on 11 December, there were elected the members of the new Board of Directors that will represent the Association during the period 2016-2017. You will find under the Event headings pictures taken during the National Conference works, as well as the names of the current members of ANEVAR Board of Directors. We have also made a note of all the other conferences and events organised by the Association throughout year 2015. Our constant concern to collaborate and be permanently connected to the international bodies in the profession is also manifest in the series of events hosting guests worldwide. The TEGoVA Congress organised in Bucharest with ANEVAR support, entitled ”Hot Topics in Valuation”, brought together prominent personalities, members of the boards of the organizations similar to ours, or bank representatives: Krysztof Grzesik, President of TEGoVA board, Michael MacBrien, Adivser with TEGoVA, Silvia Capelli, TEGoVA board member, Jim Amorin, Vice-President of the Appraisal Institute, Akos Fischl, President of the Valuation Committee for European Mortgage Federation, Jorg Quentin, Managing Director with Deutsche Pfandbriefbank AG and Miguel Angel Lopez, Senior Inspector - Bank of Spain. The conference on ”Valuation for Loan Guarantee” and the celebration of the traditional Valuer’s Day on 9 September were two further events having as guests M. Lance Coyle, current President of the Appraisal Institute and J. Scott Robinson, the President-elect of the Appraisal Institute (J. Scott Robinson being the current President with the Appraisal Institute at the time of the present issue publication). In hope that you will take pleasure and interest in going through all the articles representative of year 2015, gathered in the present edition, let me just remind you that you can keep abreast of our activity by visiting our virtual sites as well, through the official social media accounts: www.facebook. com/ANEVAR.oficial, twitter.com/AnevarRomania and www. linkedin.com/company/anevar. VALUE | 2016 5 Valuation Standards - Lights and Shadows he National Association of Authorised Romanian Valuers (ANEVAR) aims to organise, Tco-ordinate and authorise the pursuit of valuation profession in Romania, to represent and protect its members’ professional interests, ensuring the independent exercise of the profession of Ű DANIEL MANAȚE, President of ANEVAR authorized valuer in compliance with the 2016 – 2017, MAA, MRICS, REV professional deontology and with a high level of professional qualification, as well At the international scale, the as to promote the valuation standards, World Association of Valuation methods and techniques in the authorized Organizations (WAVO) aims to valuers’ activity. The association adopts the develop valuer practice with a view to permanently ensure the provision binding valuation standards with a view to of valuation services of consistently conducting the valuation activity. The main high quality and uniformity in the standards adopted are the International public interest. This is the reason Valuation Standards issued by the why WAVO promotes the best International Valuation Standards Council practices represented by “robust and consistent” professional standards. (IVSC). Starting from 2014, ANEVAR has The European Group of Valuers’ its own standards – SEV including both the Association (TEGoVA) aims to set International Valuation Standards and the professional standards and to provide European Valuation Standards. a code of conduit for business to the benefit of both customers and its members. To this end in view, “the The mission statement of the International Valuation main goal of TEOoVA consists of the Standards Council (IVSC) is “let us build up confidence scientific and educational promotion in valuation”, and its main objective is to strengthen the of the profession of valuer in Europe valuation profession at a global scale. In order to reach and the harmonisation of the its objective, IVSC considers it of particular importance European Valuation Standards.” to serve public interest, and standardising principles, As we can see, the valuation definitions and concepts is the right way to achieve it. standards account for the main tool 6 VALUE used by all these organizations. These standards most even cause his or her withdrawal certainly stand for the best practices, and compliance from the assignment proposed, with them is essential both to the public interest and to or, sometimes, to enforcing a the interest of the professional valuation associations certain result. Irrespective of the members. goal (secured loans, financial Well, as we have gone through the descriptions above, reporting aimed at taxation it is now crystal clear to everybody that standards are Ű If in personal value, compensation etc.) the important. Standards are and will always be the best life we “plasticine” value may injure practices, as they have been written and developed in sometimes either one party’s legitimate this respect by all the professional organizations have a may choose interests, or even the public say in the field. to change the interest. However, the third In conclusion, relevant valuation standards and environment parties’ penal liability comes the national legislation applicable in the field set the we live, relate under the provisions of Art. 25, profession framework. Everything that is undertaken in to each other para (3) in Ordinance no. 24 / the profession is under their governance. If in personal or work in, this 2011 regarding certain measures life we sometimes may choose to change the environment is not possible governing asset valuation, we live, relate to each other or work in, this is not with the approved with the respective possible with the profession, as it strictly comes under profession, as amendments. I am referring to this framework. the provisions under articles it strictly comes What would be the adequate behaviour of all those 25 and 26 in the Penal Code under this involved in a valuation assignment or in the effects of regarding intentional instigation framework. the decisions adopted pursuant to it: valuers / clients / to committing a deed within the users / authorities / the press or other categories of public scope of penal law. involved? Ű Whenever law courts address the Simple and equally clear.