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The law amending the Fiscal Code is constitutional, the Constitutional Court has ruled. Thus, the fiscal measures will enter into force in two stages, after being promulgated by President Klaus Iohannis and published in the Official Gazette, reports ştirileprotv.ro: From 1
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Romania will establish mandatory electronic invoicing for all transactions carried out between taxable persons established on the territory of Romania starting with January 1, 2024. The measure is applicable until December 31, 2026, with the possibility of being extended. All companies
The Ministry of Investments and European Projects announces the launch of a platform that will simplify the identification of funding calls. The online platform https://oportunitati-ue.gov.ro/ has two intelligent search engines that support the user in identifying funding calls, regardless of the source, announces MIPE. In
The average total monthly income in the second quarter of 2023, in nominal terms, amounted to 6910 lei per household, representing 2770 lei per person, down by 1.01% compared to the first quarter of 2023. Compared to the second quarter of
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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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