Changes to the tax penalty regime and other changes

Emergency Government Ordinance no. 50/29.05.2013 approving certain fiscal measures was published in the Official Gazette, Part I, no. 320/3.06.2013 (EGO 50/2013).

The changes brought by EGO 50/2013 refer to:
· The set up of a new way to compute the penalties for the late payment of tax liabilities due after 1 July 2013. Thus, the late payment penalty will be of 0.02% per day of delay which leads to a total of 7.3% per year. The current level of the late payment penalty ranges between 5% and 15% depending on the length of the delay. Late payment penalties will be cumulated with the late payment interest which is 0.04% per day of delay;
· The procedure for scheduling the payment of tax liabilities regulated by EGO 29/2011 as subsequently amended and supplemented;
· The set up of a legislative framework for postponing the payment of tax liabilities (including late payment interest and penalties) due to the consolidated budget by taxpayers who are expecting to receive disbursements from the competent authorities managing EU funds, with whom they have entered into agreements.

Related posts