21 C
Bucharest
May 18, 2021
BUSINESS

Gov’t implements “penalty for failure to declare” taxes

Individuals and companies that do not declare the taxes owed to the state, obligations still discovered by the Fiscal Authority and exceed RON 50 will have to pay a “penalty for failure to declare” them of at least 10 per cent of the amount, which might go up to 100 per cent if the debt results from tax evasion. The individuals and companies paying this penalty will not be waived the other payments, representing debts and penalties related to their debts. The new penalty was adopted in the latest form of the draft Fiscal Procedure Code withdrawn from the website of the Ministry of Finance and obtained by Mediafax, although it was strongly opposed to at the beginning of the year by the business environment. The document reveals the Government intention to adopt such a “penalty for failure to declare” the fiscal obligations which are not declared by tax-payers and set by the fiscal inspection organizations through orders of payment. The tax-payers who get such an order are defined in the same document as any individual or company owing taxes, fees and social security contributions and the penalty for failure to declare is defined as the “accessory” fiscal obligation” representing the penalty for the failure to declare or declaring a lower amount in an order of payment for taxes, fees and social security contributions.

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