Debts and receivables older than 30 days have to be reported online from now on, otherwise the companies risk to be sanctioned with fines up to 5,000 lei. This obligation is not completely new, but so far the companies had to report these situations on paper. But, many companies were not aware of this obligation or they ignored it.
Recently, the government has updated these obligations by OG 22/2016 amending OUG 77/1999 regarding measures for the prevention of default.
Who has the obligation of reporting?
The legal persons, irrespective of their form of organization and the type of property, must organize and track record of debts and receivables, on timelines, to any creditor or from any debtor.
What information should be reported?
The legal entities have to prepare the situation regarding the arrears older than 30 days from the issuance of fiscal invoice or from the due date, if maturity is clearly specified, to any creditor or from any debtor, Romanian legal person.
The situation has to include (regarding the debtor):
Currently, the situations are submitted on paper at the Institute of Management and Informatics (IMI) within the Ministry of Economy, in order to be included in the procedure of compensation of debts not paid on due dates. Also there are used compensation orders, with special printed forms, and each company pays a tariff of 50 lei, VAT included, for the services of management and archiving of the compensation circuit.
According to OG 22 / 2016, the situations are to be submitted electronically and will have to be updated within one day from any change that may intervene.
The situations have to be reported now for amounts over 10,000 lei. According to the note underlying the OG22 / 2016, the threshold will be established by norms. Still, the note specifies that the threshold of 10,000 lei will be maintained.
Therefore, OG 22/2016 introduces changes both in line with technological evolution (submitting and archiving online) and in line with legislative changes. Thus, the provisions are updated in accordance with the provisions of Law no. 70/2015 regarding the limiting of cash payments, as well as the new provisions regarding the invoices.
What is the scope of the mechanism?
This compensation mechanism plans to avoid the accumulation of arrears in the economy.
The companies would issue the orders of compensation based on the minutes of the meeting of compensation that will be available in electronic format within the electronic application.
Compensation could be used by any company, at any time and from any location within minutes.
Which are the sanctions?
The contraventions and the sanctions are applied by the Ministry of Finance.
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