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Romanian Cos May Pay Debts To State In Installments Over Five Years

Romanian companies will be able to pay their debts to the state in installments over five years, without overdue penalties, as per a facility to be introduced through a government ordinance, said tax authority ANAF official Mihai Gogancea-Vatasoiu.
Romanian Cos May Pay Debts To State In Installments Over Five Years
Oana GavrilaRadu Bostan
23 feb. 2011, 14:46, English

This service will be available to any company on the basis of certain guarantees, which are waived in the case of small debts.

Gogancea-Vatasoiu said the ordinance has been reviewed by the Romanian Competition Council and by the European Commission, and is not considered a form of state aid.

According to an ordinance currently in effect, companies may put off paying debts to the state budget incurred after September 30, 2008, because of the global financial crisis, but only if their previous debts had been paid on time. This facility was used by 300 companies in 2009 and by 7,200 in 2011, said Gogancea-Vatasoiu.