Tax consultant believes Romania's tax amnesty may yield better-than-planned revenues

The revenues collected by the Romanian government with the tax amnesty just passed may exceed its moderate RON 10 billion (EUR 2 bln) expectations, according to Alexandru Aparaschivei, tax partner in the NNDKP Tax Consultancy.

"They said they have RON 70 bln to recover [the total overdue debt], of which RON 60 bln the principal and RON 11 bln penalties. They estimated a recovery rate of 10%-15% of the entire amount. I believe it might be better," he said, quoted by Ziarul Financiar.

The emergency ordinance that provides, among other things, the 2024 fiscal amnesty was published in the Official Gazette.

The government endorsed on September 4 the emergency decree that includes a series of measures aimed at curbing the fiscal deficit this year by collecting as much unpaid tax as possible and cutting unnecessary expenses.

Under the provisions of the draft emergency decree, all taxpayers (natural or legal persons) who pay the principal as of August 31 will have the interest and penalties written off. The measures regard all dues to the general government budget.

In addition, individual taxpayers, including those registered for business purposes (freelancers, liberal professions) owing under RON 5,000, will have 50% of the principal written off, while those owing more than RON 5,000 will have only 25%. This measure regards only the dues owed to the central government budget.

The 3% bonus for good taxpayers regards the payments to the central government budget.

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