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The IMM Invest Plus state aid scheme will be extended, Prime Minister Marcel Ciolacu announced on Thursday. Approximately 11,500 Romanian companies will benefit from this state aid, with a budget of approximately 2.5 billion euros. "We continue
The Ministry of Finance announces the launch of the simplified version of the e-Invoice application. This initiative has as its main objective increasing the accessibility and ease of use of the tool for all taxpayers in the country. The application is available HERE. The improved version comes with an intuitive interface and functionalities
The Ministry of Finance (MoF) has begun an analysis of the progressive tax. Alin Andrieş, State Secretary at the Ministry of Finance, reveals that the discussion is both technical and political, but the decision to introduce it will be purely political. According to Agerpres, representatives of the Ministry
The Ministry of Finance proposes a regulatory act for the establishment of the IMM PLUS Program. The project ensures, until June 30, 2024, access to financing for companies that do not have the necessary amounts for investment projects and for the continuation of their activities. The proposed budget is
The Ministry of Finance announces that it has updated the guide for accessing and using the RO e-Invoice system. The guide is available HERE. Using e-Invoice can now be done directly from the ANAF website (however, the user must have an account in SPV, where
State aid beneficiaries affected by the ROBOR increase, supported by a de minimis aid scheme of over 86 million lei. The de minimis scheme, with a budget of 86,560,000 lei, will finance interest differences that cannot be covered
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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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