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In fact, the Ministry of Public Finance is working on an entire measures package regarding the financial restructuring.
"The amnesty will actually be a financial restructuring. At the Ministry of Finance we are working on a proposal for a package of such measures, for each taxpayer category, with or without tax debts to the state. After this stage, we will discuss on coalition level, in the Government and we will probably adopt this kind of measure, as it’s time for a T zero moment to happen. These measures are part of that large package of projects for the economic area, whether we are talking about insolvency, about the amnesty area, or, as we are calling it, financial restructuring, or if we are talking about other provisions to support the business environment. This is a very attractive package, which will attack, in a positive way, all the economy categories, targeting an equal treatment”, the minister Eugen Teodorovici explained.
The minister declared that the “tax amnesty” will represent a framework through which benefits will also be offered to those who have voluntarily conformed.
“There has been a lot of talking about the amnesty. It has the same objective: to relaunch in the Romanian economy mainly the large state companies, which today, more ore less, are kept afloat. So you know, I am not giving up anything that will be good for this economy! But this is not a tax amnesty in itself.
Maybe, it’s a framework to offer every economical category certain measures, whether we are talking about private or state companies with state tax debts to the state, or the companies which paid their taxes on time. We want to create a mechanism to facilitate paying the taxes to the state. We will also do the same for natural persons. We have a five years history during which ANAF (National Agency for Fiscal Administration) has issued the taxation notice. Thus, as an obligation of ANAF, we are doing a centralization for each taxpayer, and if the payment is made by the end of the year, they will receive a substantial discount for that amount”, Eugen Teodorovici explains.
Goodbye to endless insolvencies!
Repeatedly, the minister of Finance has stated that he supports any “European measure” for recovering the damages, adding that, in the last years, unfortunately, the state has proved to be “a structure fighting against businesspersons and this must stop.”
“On Government level, we have an approved memorandum in order to discuss in a large framework, with all the structures involved in the tax evasion part, aswewanttoputonthe Government’s table a project of amendment of certain normative acts regarding tax evasion, the intention is to bring in Romania the practice from advanced European states. More exactly, the state has to aim to recover the damages and not necessarily closing the companies or sending
people to prison”, Eugen Teodorovici declared.
For this, one of the measures checked by the ministry of Finance, in 2018, was the adoption, in the Government, of the Ordinance regarding insolvency. The new regulation includes a number of measures necessary for ensuring equal chances for business development, and the amendments have the role both to stop abusive practices, but also the repeated induction of insolvencies.
“The ordinance completes the insolvency procedures and includes several measures necessary for insuring equal changes for business development and consolidating a healthy business environment in Romania. Presently, more than 6000 companies, with more than 64.000 employees, are in the insolvency procedure or in the observation period. For these persons, the emergency adoption of legislative and administrative measure is required which has to result in the redressing of employees and keeping them in the circular flow on income.(....) The legislative amendments have the role of stopping certain abusive practices, but also the repeated induction of insolvencies as to withdraw from the payment of financial obligations to the partners and to the state budget”, Teodorovici explained.
He underlined that the Ministry of Finance has noticed dysfunctions which appeared with the enforcement of the Insolvency Law in the previous forms, which have generated in total budget
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