This document provides a reduction of interest for late payment for amounts owed by taxpayers to the budget from 0.1% to 0.05% for each day of delay. Although this is apparently in favor of the taxpayer, it comes as a package with another measure that provides the imposition of late payment penalties if the taxpayers pay tax obligations after the passage of 30 days of their maturity.
The level of interest on arrears shall be as follows:
o if the full payment of the debt is made within the first 30 days after the due date, there will be no late penalties and no late penalties will be calculated for major paid tax liabilities;
o if the full payment of the debt is made within the next 60 days, the delay penalty is 5% of the major paid tax liabilities;
o if the debt exceeds 90 days, the penalty will rise to 15% of major paid tax liabilities.
The penalty for late payment does not remove the obligation, and the interest is calculated on the outstanding receivable balance, in fix percentage (not annually), no matter that the debt is paid within the year of registration or in the coming years.
These provisions will take effect starting since July 1, 2010, until this date date still being charged late payment rises of 0.1% per day, but no late penalties.
Note however that, within 30 days from the effective date, virtually since August 1, 2010, delay penalties will be also calculated for other debts owed by the taxpayer to the budget, debts registered before the enforcement of this Ordinance.
Regarding the late payment of obligations due to local budgets, according to the new provision, taxpayers will owe late payment penalties of 2% of the outstanding obligation to maturity, calculated for each month or fraction of a month, since the next day after the term of maturity to the extinction of the amount owed, including the last day.
Another amendment to the Fiscal Code is that the tax authorities are able to settle tax obligations by indirect methods for reconstitution of revenue and expenses, if they find that accounting or tax records or the taxpayer’s statements are inaccurate, incomplete or false, and in situations where the records do not exist or were not available to monitoring authorities. Procedures and indirect methods of establishing the income and expenditure will be approved by order of the ANAF president.
Also, the provision under which the tax authorities could assign, by auction, the outstanding debts which the taxpayer has not cashed, was eliminated.
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