Romanian Tax Authority To Write Off Contributors’ Penalties If They Pay Debts By Yearend

Romanian fiscal authority ANAF will write off individuals’ and companies’ debt penalties if they pay off debts and interest on overdue taxes by the end of the year, according to a Finance Ministry order.

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ANAF has until October 15 to send notification letters to individuals and companies that have debts to the state budget to inform them about the new measure.

The state will also halve interest on late payment for debts paid by end-2011.

Contributors that pay off debts by mid-2012 will have penalties reduced by 50% and late payment interest by 25%.

ANAF president Sorin Blejnar said companies' debts to the state budget stood at about 14 billion lei (about EUR3.25 billion) at the end of August. If the entire sum is paid, ANAF will write off penalties amounting to about RON2 billion.

(EUR1=RON4.3146)

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