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Romanian Fiscal Authority To Be Able To Transfer Debt Claims

The Romanian National Agency for Fiscal Administration (ANAF) will be able to transfer the debts it manages, but the price will not be lower than the nominal value of contributor bonds, according to a draft ordinance amending the Fiscal Procedure Code.
Romanian Fiscal Authority To Be Able To Transfer Debt Claims
21 feb. 2008, 18:03, English

If there are several bidders for the takeover of debts, the transfer will be performed after an auction organized by ANAF.

The entity receiving the claim to the debts receives all rights of the previous manager, except those conferred by the quality of budget lender, according to the draft ordinance.

ANAF has the obligation to answer for the existence of the debt when the transfer contract is concluded, while after contract signing, the fiscal authority will be free of any guarantee obligation.

Thus, if the debt transferred is challenged, ANAF has not guarantee obligations.

The debt transfer procedure will be set through order of the president of the National Agency for Fiscal Administration.

Large companies in Romania has, at the end of 2007, budget debts reaching 5.27 billion lei (EUR1 = RON3.6578), down 3.12% on the level registered in December 31, 2006, and the National Coal Company remained the largest debtor, with a RON2.83 billion debt.

The RON5.27 billion represents the debt cumulated by the large companies in the four components of the general consolidated budget, according to ANAF data.

Large taxpayers are companies with a turnover of at least RON70 million.