Tax Flash No. 11/2019

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Ordinance no. 6/2019 regarding the establishment of certain fiscal facilities was published in Official Gazette 648/2019

Measures to restructure the budgetary obligations (as defined by the Ordinance) outstanding at December 31, 2018 in the case of debtors who have debts in the amount of 1 million lei or more are established.

Debtors who cumulatively fulfill the following conditions may benefit from the restructuring of the budgetary obligations:

  • they do not meet the conditions to benefit from rescheduled payment regulated by the Fiscal Procedure Code;
  • they present a restructuring plan and a prudent private creditor test, drawn up by an independent expert;
  • they are not in insolvency proceedings;
  • at the date of issuing the tax certificate, all the tax declarations were submitted.

In order to benefit from the restructuring facility, debtors are required to notify the competent fiscal authority of their intention by September 30, 2019, and to submit the restructuring request (together with the restructuring plan and the prudent private creditor test) until February 8, 2020.

The restructuring plan may include one or more measures: the rescheduled payment of the main budgetary obligations, the postponement of the payment of the accessories and / or a share of the main budgetary obligations, the conversion into shares of the budgetary obligations, under the conditions regulated by the Fiscal Procedure Code, the payment by some immovable property, the cancellation of the main budgetary obligations.

It is possible to obtain the cancellation of a maximum of 50% of the total of the main budgetary obligations under certain conditions.

The procedure for applying the measures to restructure the budgetary obligations is approved by order of the Minister of Public Finance within a maximum of 15 days from the date of entry into force of the Ordinance (August 8, 2019).

The cancellation of some ancillary obligations for the debtors (legal persons, natural persons or entities without legal personality) who on December 31st, 2018 included have outstanding budgetary obligations administered by the central fiscal body under one million lei.

Debtors who cumulatively fulfill the following conditions may benefit from the cancellation of interest, penalties and all accessories related to the budgetary obligations due on December 31, 2018:

  • all outstanding budgetary obligations at December 31, 2018 inclusive, are extinguished until December 15, 2019 inclusive;
  • all the main budgetary obligations and accessories administered by the central fiscal authority with payment terms between January 1, 2019 and December 15, 2019 inclusive, are extinguished until the date of submission of the cancellation request;
  • on the date of issuing the certificate of fiscal certification, they filed all the tax declarations;
  • they submit the application for cancellation of the accessories until December 15, 2019 inclusive.

The procedure for applying the measures for the cancellation of ancillary obligations is approved by order of the Minister of Public Finance within a maximum of 30 days from the date of entry into force of the Ordinance (August 8, 2019).

Law no. 162/2019 amending art. 6 para(2) of Companies Law no. 31/1990 was published in Official Gazette 644/2019

Incapable persons or those who have been prohibited by a final court decision to exercise the capacity of founder as a complementary punishment of the conviction for offenses against patrimony by disregard of trust, corruption offenses, misappropriation, criminal offenses, evictions, tax evasion, offenses provided by Law no. 656/2002, as well as those provided by Law no. 31/1990 cannot be founders.

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