Romania: Instalment payment of tax debts

The Romanian Government has introduced the possibility for taxpayers to pay their tax debts in instalments. In an ordinance the requirements taxpayers have to meet in order to benefit from payment of their debts in instalments are set out.
The requirements will be detailed in the application norms still to be issued. The new rules will apply to both individuals and legal entities for a period of up to 5 years, and will cover all the tax liabilities.
In order to benefit from the provisions of this ordinance, taxpayers must file an application with the Romanian Tax Authority, which will then issue a tax clearance certificate authorising the payment of debts in instalments.
To this end, the following requirements must be cumulatively met by taxpayers: all required tax returns must have been submitted; the taxpayer’s difficulties must have been caused by a temporary lack of liquidities; the guarantee established by the law must have been given; the taxpayer must not be subject to insolvency or dissolution, and not be held liable under Insolvency Law and/or jointly liable according to the Fiscal Procedure Code.
Taxpayers’ applications will be assessed by the relevant tax authorities. The amount and the deadline for the payment of instalments will be defined under payment schedules that will be integral part of the resolution issued by the tax authority.
As soon as a taxpayer’s application has been accepted in principle, a guarantee must be issued in the form of the confirmation of availability of funds at an office of the State Treasury, a bank guarantee, a pledge or mortgage of assets held in property or belonging to a third person.
During the term set for the payment of fiscal debts in instalments, interest will be calculated for each day of delay at the rate of 0.04%. Interest will amount to 0.03% for each day overdue if the guarantee was in the form of a bank letter of guarantee and/or confirmation of availability of funds at an office of the State Treasury.


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