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25 February 2020
newsletter
romania

Amendments to the tax restructuring scheme | Romania

Government Ordinance No. 6/2019 implementing the tax restructuring scheme for debtors with outstanding liabilities greater than or equal to RON 1m as at 31 December 2018 was amended as follows:

  • the RON 1m minimum threshold is eliminated so that debtors with outstanding liabilities as at 31 December 2018 can benefit from the restructuring scheme regardless of the amount of such liabilities;
  • 31 March 2020 is set as the new deadline for notifying the intention to benefit from the restructuring scheme. The deadline for submitting the request to restructure outstanding liabilities together with the restructuring plan and the "prudent private creditor" test is extended until 31 July 2020;
  • debtors who have provided collateral for their outstanding liabilities and debtors having a deferred payment plan that fails because of expected cash shortfalls can also benefit from the restructuring scheme.

The above measures were set forth by Ordinance No. 6/2020 on the amendment of Law 227/2015 regarding the Fiscal Code as well as for the regulation of certain fiscal-budgetary measures, published in the Official Gazette of Romania No. 72/31.01.2020.

Theodor
Artenie

Managing Director Tax

romania