ECONOMY FINANCE&BANKING

PM Dancila: Gov’t to put up for public debate single tax form version

The Government on Thursday will put up for public debate a version of the single return form, so that taxpayers deriving income from self-employment, interest rates, rents and other sources may submit a single return form, instead of seven, according to Prime Minister Viorica Dancila.

“I promised as early as the first session of the Government that we make a change in tax form 600. Tax form 600 is a topic of great interest to many Romanians. The Government will introduce today a version of the form, with the best proposals to be taken up and included in the final bill. We believe this is good news for many who had great expectations from the form,” Dancila told the opening of Government’s meeting on Thursday.

She unveiled a drafted version of the form drawn up by the Government.

“Taxpayers will submit one form instead of seven. Payments toward income tax, pension contributions and healthcare contributions during the year will be made against the estimated revenue for the current year and not the income of the previous year. There is only one payment deadline, March 31 of the year following that in which the income was derived, instead of five deadlines. The obligation to make advance payments has been discarded, leading to the elimination of interest and penalties for missing the deadlines,” said Dancila.

She added that, under the Government’s draft, “the taxpayer may choose to make payments anytime during the year, which will lead to the possibility of using financial resources during the year according to their own needs.”

Dancila stressed that being a payer of pension contributions and healthcare contributions is made “according to the estimated income for the current year, independent of the income derived in the previous year.”

She added that the Ministry of Finance will publish all necessary documentation, which will be debated on starting on Thursday.

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