Romanian Cos Targeting 6-Mo Budget Debt Payment Delay To Submit Bk/Property Guarantees

The Government decided Tuesday, through an emergency ordinance, that the companies could benefit from a six-month payment postponement of the state debts accumulated after September 30, 2008, on the backdrop of financial crisis, if these companies have paid in due time their debts prior to that date, as well as the current obligations.

According to the ordinance obtained by MEDIAFAX, the companies need to present guarantees to benefit from this incentive.

The payment postponement will not trigger lower budget revenues, on being set for December 20 of the year of granting.

The Government explained this incentive was grounded on the financial crisis that affected the business environment, triggered lower liquidity for companies, and a higher jobless rate.