ECONOMY FINANCE&BANKING

FinMin Teodorovici on Gov’t-BNR mediation offered by President Klaus Iohannis: “I don’t think there’s need for such talks”

Finance Minister Eugen Teodorovici stated on Tuesday that the Government is collaborating with the National Bank of Romania (BNR) even though “we also criticise each other from time to time,” so there is no need for a mediation – offered by President Klaus Iohannis – between the two institutions.

“There isn’t a war between the BNR and the Government. We collaborate even though we also criticise each other from time to time. I don’t believe there’s the need for such talks, there is a relationship between the two institutions,” Eugen Teodorovici said.

Asked whether he will take part in the mediation, at the Cotroceni Presidential Palace, the Finance Minister said: “The Prime Minister will receive an invitation from Cotroceni and will decide. And we, the ministers, will comply.”

President Klaus Iohannis stated on Monday that he will be a mediator between the Government and the National Bank of Romania, and that he will invite the two sides at Cotroceni.

“It could be that certain approaches on the part of the Presidency and the BNR look similar, for a simple reason – we are people who understand the laws of the economy and we see what is happening. This approach of blaming the inflation rate, the interest rate hikes, on the BNR is fundamentally wrong. (…) The Government’s fiscal policies have resulted in the interest rate hike. The problem can be solved through a responsible approach and sustainable Government policies. The PSD Governments did not understand very well the consequences of the policies they implemented, they easily waved off the arguments of the Opposition, my arguments. It can be corrected, but if we wait longer then imbalances will be reached in a short time. The animosity between the BNR and the Government is profoundly harmful. I will mediate, namely the sides that have different opinions will sit at the same table. In the following days, I will invite both sides at Cotroceni,” President Klaus Iohannis stated.

The Head of State added that “some fairly blunt statements have been taken a bit too far lately. I hope we will reach a common denominator.”

The three-month ROBOR index, on whose basis the cost of RON-denominated loans with variable interest is calculated, rose on Tuesday from 2.22 to 2.28 percent, a trend followed by the six- and nine-month indexes. The six-month index, used to calculate the interest rates of mortgage loans, rose from 2.49 to 2.52 percent. The nine-month ROBOR index, which represents the interest rate for RON-denominated loans contracted by commercial banks from other commercial banks for a period of nine months, rose from 2.56 to 2.57 percent. The twelve-month ROBOR index rose from 2.60 to 2.62 percent.

 

FinMin confirms Single Statement will be an enforceable title. Foreclosure of delinquent taxpayers to be much faster

 

Finance Minister Eugen Teodorovici confirmed on Tuesday that the Single Statement introduced by the new fiscal legislation will have the power of an enforceable title, so that the foreclosure of delinquent taxpayers will take place much faster than at present.

“ANAF will no longer issue Notices of Assessment, which means that the Single Statement has this character of enforceable title. Things are simplified from all standpoints, so they are simplified from this standpoint too,” Eugen Teodorovici said.

“The taxpayer themselves fills-in their income and their tax payment obligations. Yes, the foreclosure could take place much faster, but this is not the goal sought. It’s a European approach,” the Finance Minister said.

The Single Tax Statement (Statement 212), recently introduced in the legislation for declaring and levying taxes on incomes other than salaries will become an enforceable title when the tax payment deadline is reached, CON-firm legal consultancy company experts have warned.

“The Tax Authority (ANAF) is directly using the information from Statement 212 to notify the delinquent taxpayer, the issuance of notices of assessment no longer being necessary, hence the foreclosure stage could be reached faster,” reads a communique that the legal consultancy company issued on Monday.

“The tax arrears title becomes an enforceable title on the payment deadline stipulated by law, the Fiscal Procedure Code stipulates. A notice of assessment for example is a tax arrears title; so is a tax statement. The fact that the deadline is reached and the payment has not taken place makes this title usable by ANAF to foreclose the taxpayer, without any other formalities,” CON-firm fiscal expert Agnes Ghita stated. “Newly introduced in the fiscal legislation, Single Statement 212 is such a document – a tax arrears title – that ANAF can use to foreclose the delinquent taxpayers,” Agnes Ghita added.

The payment deadline for the sums declared in Form 2012 is March 15 of the following year. Until that deadline is reached, taxpayers can make payments based on the form lodged with ANAF. Once that deadline expires, ANAF can foreclose the delinquent taxpayers by using Statement 212. “One has to bear in mind that the foreclosure is done by ANAF’s executors, not by judicial executors usually approached by private persons that have to recover arrears,” the communique points out.

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