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The Ministry of Investments and European Projects has opened the pre-registration stage for contracting grants for investments in re-technologizing intended for SMEs, a measure to which a budget of 300 million euros is allocated through the Competitiveness Operational Program. In the pre-registration stage
Access to microfinance for entrepreneurs and farmers in Romania will be supported through a new partnership between the European Investment Fund and BT Mic, the largest microfinance institution in Romania. The announcement was made today in Bucharest. This initiative
Female entrepreneurs who want to obtain funding of up to 200,000 lei still have only 5 days to register for the "Female Entrepreneur - 2022" program. The deadline is September 30, 8:00 p.m. "Romanian entrepreneurship is
The Ministry of Entrepreneurship and Tourism launched on Wednesday, September 21, for public consultation, the Emergency Ordinance on the single industrial license. "This normative act creates the necessary premises to simplify the investment process in Romania for the beneficiary: a single point of contact for submitting documents,
ANAF informs that the provisions of art.47 paragraph (15) of the Fiscal Procedure Code have been modified. Thus, all fiscal administrative documents issued in electronic form are communicated to payers/taxpayers through the Virtual Private Space (VPS). The communication of these documents is considered to be
The Ministry of Economy informs that, starting with November 1, 2022, the session for submitting applications for financing under the state aid scheme established by Government Decision no. 959/2022 for the establishment of an aid scheme opens.
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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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