Published in the Official Gazzette no. 648 of 5 August 2019.

 

The Ordinance sets up two alternative mechanisms to the payment scheduling procedure (already regulated by Law no. 207/2015 regarding the Fiscal Procedure Code), as follows:

A. Restructuring measures in relation to budgetary obligations outstanding as at 31 December 2018 for debtors with debts amounting to or greater than RON 1 million:

  • The measures are applicable to debtors facing financial difficulties and a risk of insolvency.
  • Debtors should simultaneously meet the following conditions:
  1. Not meet the conditions for applying the payment scheduling procedure regulated by Law no. 207/2015 regarding the Fiscal Procedure Code
  2. Present a restructing plan and a test of the prudent private creditor, prepared by an independent expert
  3. Not be under insolvency proceedings
  4. Not to have been subject to dissolution
  5. Have all tax returns submitted
  6. Meet the prudent private creditor test

 

Discover more: Government Ordinance no. 6/2019 regarding certain tax relief measures

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Taxand's Take

The provisions of Ordinance no. 6/2019 enter into effect on 8 August 2019.

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International Tax | Romania

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