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Regulation of the dividend payment. Fiscal and budgetary measures

The Official Gazette of Romania, Part I, no. 635 of 5 September 2012, published the Government Emergency Ordinance no. 47/2012 amending and supplementing certain laws and regulations of the fiscal and budgetary measures.

The most important changes:

Law no. 31/1990 on trading companies

Brings clarifying provisions governing the payment of dividends.

The Law no. 31/1990 provides that dividends are paid in due time by the general meeting of shareholders or, if applicable, established by special laws, but no later than six months from the date of approval of annual financial statements for the year ended.

The new regulations require that, otherwise, the company owes, after this period, penalty interest calculated according to art. 3 of Ordinance no. 13/2011 on the legal interest and penalties for remunerative monetary obligations and for the regulation of fiscal measures in banking, approved by Law no. 43/2012, if the articles of the association or by decision of the general shareholders meeting which approved the financial statement for the financial year ended not set a higher interest rate.

According to art. Article 3. 2 of Ordinance no. 13/2011, the legal penalty interest rate shall be determined by the reference interest rate plus 4 percentage points.

>> The source: JURIDICE.ro

Diana STOICA

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