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Romania has completed a new stage of the dialogue with the European Commission regarding the payment of the second tranche of the PNRR, for a total net amount of EUR 2.81 billion. The payment request covers 51 milestones and targets. In this
The Romanian Government adopted, in today's meeting, a regulatory act that provides for measures to simplify and de-bureaucratize access to the 46 billion euros that Romania will benefit from through the 2021-2027 Cohesion Policy. By adopting the regulatory act, the following are
The Ministry of Entrepreneurship and Tourism (MAT) warns potential acquirers of companies applying to national programs, which have not yet signed the financing agreement, that these companies must meet the specific conditions imposed by the program legislation, including:
Applications for part-time jobs increased considerably in the first half of 2023. After, in the second half of last year, applications for part-time jobs decreased as a result of the decision to be taxed at the minimum wage level
The unemployment rate registered at the end of February 2023 at the national level was 3,08%, lower than the previous month by 0.01 pp. The total number of unemployed at the end of February 2023 was 241,222 people,
Rising prices, inflation and the cost of living, the economic situation, health and education are at the top of Romanians' concerns at the beginning of 2023. As a result of the war in Ukraine, the international situation is also a concern, both from a political and economic perspective.
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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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