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9 September 2015

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Romania's Revised Fiscal Procedures Code

On 23 July 2015, Romania published Law No. 207/2015 in its Official Gazette. The Law amends provisions of the Fiscal Procedures Code concerning tax penalties, statute of limitations and audits, and other matters.

Tax Penalties

The main changes regarding tax penalties include:

  • A reduction in the late tax payment penalty from 0.02% to 0.01% per day, and a reduction in the late payment interest penalty from 0.03% to 0.02% per day;
  • A reduction in the late payment interest penalty for local taxes from 2% per month or part thereof to 1%; and
  • The introduction of a penalty for non-declaration at a rate of 0.08% per day until the declaration and payment is made.

Statute of Limitations and Audits

The main changes regarding the statute of limitations and audits include:

  • The starting date for the statute of limitations is changed from 1 January of the year following the year in which the tax obligation arose to 1 July;
  • The maximum duration of an audit is changed from 6 months to 180 days for large tax payers and from 3 months to 45 days for small taxpayers and 90 days for medium taxpayers;
  • The deadline for a taxpayer to submit a written response to audit findings is increased from 3 days for all taxpayers to 5 days for small and medium taxpayers and 7 days for large taxpayers; and
  • The deadline for appealing an assessment resulting from an audit is extended from within 30 days of receiving the audit minutes to 45 days.

Other Changes

Other changes include:

  • In cases of doubt, tax norms are to be interpreted in favor of taxpayers; and
  • The fee for tax rulings is increased from EUR 1,000 to EUR 3,000 for small and medium taxpayers, and EUR 5,000 for large taxpayers.

Effective Date

The changes apply from 1 January 2016.

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