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The unemployment rate in September 2023 was 5.41%, the same value as that recorded in August 2023. The unemployment rate for men was 0.9 percentage points higher than for women, the National Institute of Statistics informs. The number
The President of Romania, Klaus Iohannis, signed, last week, the decree for the promulgation of the Law on some fiscal and budgetary measures to ensure Romania's long-term financial sustainability. Here are the fiscal measures that came into effect today, November 1: -IT-ists pay
The Ministry of Economy, Entrepreneurship and Tourism will grant non-repayable financing of up to 500,000 lei to Romanian entrepreneurs in the sector of marketing market products and services, who wish to invest in the development of their businesses. Procedure for implementing the Trade & Services program
Romanian President Klaus Iohannis signed on Thursday the decree promulgating the Law on Certain Fiscal and Budgetary Measures to Ensure Romania's Long-Term Financial Sustainability. Thus, the fiscal measures will enter into force in two stages, as follows: From
The minimum wage for builders and farmers increases to 4,582 lei, respectively 3,436 lei gross. The Minister of Labor and Social Solidarity, Simona Bucura-Oprescu, participated alongside Prime Minister Marcel Ciolacu at the meeting of the Tripartite National Council. The Council – which consists of
Start-ups and small companies, with a maximum of 50 employees, started the fall with 21,000 new jobs put on the market for job seekers. Since the beginning of the year, 131,000 new jobs
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Cancellation of Accessories and Principal Debts through GEO 107/2024: What Taxpayers Need to Know
Recently, the Romanian Government adopted Emergency Ordinance no. 107/2024, a regulatory act aimed at cancelling ancillary and, under certain conditions, main debts for certain categories of taxpayers. The measure comes as a support for individuals and legal entities affected by financial difficulties and aims to facilitate tax compliance and reduce arrears to the state budget.
What does GEO 107/2024 provide?
GEO 107/2024 offers a unique opportunity for taxpayers to cancel their accessory debts (interest and late fees) and, in some cases, even outstanding principal debts.
Who can benefit from GEO 107/2024?
The ordinance is addressed to both individuals and legal entities that have outstanding debts to the state budget. Through this measure, the tax authorities want to reduce the level of indebtedness and support voluntary compliance of taxpayers.
Main categories of beneficiaries:
The main provisions include:
How is the measure applied and what are the necessary steps?
To benefit from the cancellation of accessories and/or main debts, taxpayers must follow a series of steps, including filing an application with the competent tax authority, paying the main debts (where applicable) and complying with the deadlines imposed by the ordinance. It is essential that taxpayers are informed of the deadlines and consult a tax advisor to ensure compliance.
Material prepared by the Regional Directorate of Public Finance Ploiești – AJFP Dâmbovița
Impact on taxpayers and the economy
Through this measure, the government is trying to reduce the financial pressure on taxpayers and increase the level of voluntary compliance, thus contributing to the reduction of tax arrears. In the long term, it is anticipated that this measure will improve the financial stability of taxpayers and facilitate receipts to the state budget.
Interested taxpayers are advised to consult GEO 107/2024 and contact a tax expert to understand exactly what steps they need to follow to benefit from the cancellations provided for in this ordinance.
Material prepared by the Regional Directorate of Public Finance Ploiești – AJFP Dâmbovița
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