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Facilities and limitations of the procedure for rescheduling debts
04/06/2011 I Source AmCham Romania
The American Chamber of Commerce in Romania (AmCham Romania) welcomes the Government’s introduction of the possibility to reschedule the payment of tax liabilities administered by the National Agency of Tax Administration (ANAF). AmCham Romania encourages the extension of this provision to other types of liabilities, besides those administered by ANAF, such as debts to local budgets, to the Environment Fund Agency, etc.
The need for such procedure has been experienced in the business environment for a long while, especially in the context of similar practices in other European countries.
AmCham Romania, through its tax working group, emphasizes that the mechanism and the level of guarantee provided by the Emergency Ordinance 29/2011 considerably limits the number of companies that could use the rescheduled payments mechanism, seriously endangering the aim of this Ordinance, respectively to support the business environment and to assist companies in difficulty due to the economic crisis.
“Government’s initiative to assist companies in difficulty but with growth perspectives is a very good one, however the requested level of additional guarantees, which can reach up to 10% - 40% of the owed dues, is quite high. Practically, if companies had such resources available, they would not be in the position to opt for a rescheduled payment of their dues, while companies which really need this facility will not be able to present such guarantees, so they will not benefit of this facility” said Ionuț Simion, AmCham Romania Vice-president.
