Gheorghe Ialomitianu, the Romanian Public Finance minister, announced in a press conference on Thursday, that approximately 330.000 companies built up a debt of RON 17 billion and another RON 2.5 billion in penalties to the sate budget, according to Agerpres newswire.
The Romanian government has approved on Wednesday changes in the Fiscal Code an the Fiscal Procedures Code, which should support companies that have debt issues to reschedule their payments on a 5 year term, with the possibility of canceling penalties. However, interest payments still have to be made. The penalty amount will be halved for the companies that are planning to pay their debts by June 30 2012.
Prime Minister Emil Boc explained that fiscal changes had to be put in place so that companies avoid sliding into a spiral of penalties, interest and debt payments to the budget, without being able to pay their main obligation. Boc also mentioned that buildings and transportation taxes will remain unchanged in 2012.
Elena Udrea, the minister of Tourism and Development, announced a 5 percent tax hike for owners and administrators of tourist destination buildings that are not included in official tourist circuits. On the bright side, taxes will be halved for hotel owners that keep their buildings operational six months a year, in an effort to extend the holiday season.