Romanian Government Set To Reduce Fiscal Red Tape For Companies

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"We will allow the payment of the bulk of the debt, nut just the penalties, when you are paying debts to fiscal authorities. The current practice is that, in case of debt, the penalties are paid first and the bulk of the debt remains unpaid, leading to more penalties, which ultimately leads to insolvency. Now we want to enable companies to pay some of the debt and not some of the penalties," Boc said.

The prime minsiter added the Government is analyzing the possibility to introduce a VAT compensation mechanism, or a compensation mechanism for other budget debts that need to be paid by a company in debt, using the VAT the state has to refund to the company.

The Government also intends to reduce the number of fiscal statements required from companies for the payment of various contributions to the state budget. According to the prime minister, companies currently need to file 24 such statements on a monthly basis.

The reduction in the number of these statements, according to Boc, is possible through the introduction of an efficient computerized system and a more efficient organization of activity at the National Fiscal Administration Agency, the Ministry of Finance, the Ministry of Labor and the Ministry of Economy.

Official sources told MEDIAFAX Monday that the government will bring a new set of anti-crisis measures before the Parliament.