With the stated aim to improve transparency of NPOs, the Romanian Senate passed a law changing the operating environment of public benefit NPOs. The law brings several changes to the way non-profits publish their finances, the conditions needed for them to be granted the public utility status, and the way they can receive public funding.
One of the law’s most important provisions is that NPOs will have to reveal more details about their sources of income (outlining the person or activity associated with each revenue source) as well as their expenses twice a year. The changes, which have political support from the Government coalition, still need the approval of the Romanian Chamber of Deputies.
For more details and the full article, click here. These changes add to reported changes in the fiscal regulations, which suggest to cut tax incentives for corporations donating or sponsoring NPOs as of 2018.