Coronavirus update no. 1/2020 – Tax measures

In a press release issued yesterday, March 16, 2020, the Ministry of Public Finance through The National Agency for Tax Administration announced that it is preparing certain measures to support the economy. The most important are the following:

1. Suspending or not starting the foreclosure of the amounts due to the State budget. In this respect, no more payment notifications, garnishments and seizures will be issued or started, with the exception of the amounts decided by Courts in criminal matters;

2. VAT refund payments will be made in March, for all processed returns for which reimbursement decisions have been issued;

3. A new VAT reimbursement system will be implemented starting Aprilie 1^st, 2020, which will be aimed to promptly settle the tax returns;

4. Tax related audits (e.g. tax inspections, anti-fraud controls) will be suspended, with the exception of the reviews and checks that may be done remotely and the cases in which there are indications of tax evasion.

The above measures will be applied both during the state of emergency period in Romania, and for 30 days after the state of emergency ends.

5. The deadline for the tax returns due on March 25, 2020 is posponed until April 25, 2020

Please note that the above measures have not yet been officially implemented in a piece of legislation, therefore the measures in the press release are not yet legally binding.

Our office tracks in real-time the evolution of the legislation and we will inform our clients on the final version of the above measure, as soon as possible.

 

 

 

Disclaimer

The information in this newsletter is intended to give you an overview of legislative news; the newsletter does not contain a complete analysis of each topic. For more information about the subjects presented, please contact us. We do not accept any responsibility for decisions or omissions followed by the use of the content of this newsletter. All Boscolo&Partners newsletters are available at the following address: http://www.crowe.ro.

 

Boscolo & Partners