Oana Iacob (MFP): Simplification of tax reporting for companies could come after implementation for individuals

Oana Iacob, state secretary at the Ministry of Finance, said during the 16^th Tax&Law that authorities are exploring the simplification of tax reporting procedures for companies after the consolidation of tax statement that have to be submitted by individuals recording income from independent activities.

“After the finalization of the system for individuals, efforts will be initiated for simplification in the case of companies, if possible the consolidation of some tax statements,” said Iacob.

The government published a draft bill that will allow individuals

“We will continue on the same line of simplification and reduction of red tape,” said the state secretary.

For individuals, the draft bill includes the consolidation of seven tax statement into a single one for individuals reporting income from independent sources.

“From next year, the statement will be made in an electronic system, this year the reporting will also be done in paper format,” said the state secretary.

The reporting can be done through the fiscal private space or through the e-Guvernare platform where the digital signature is required. The options will be available once the draft bill is published in the Official Gazette.

There will be a single deadline for submitting the single tax statement. For 2018, the deadline will be July 15 2018 for completing the fiscal year 2017 and for the estimate of income for 2018. Starting 2019, the deadline will be March 15.

“There will be a bonus system in 2018 for stimulating the submission of the statement online. There will be a 5 percent bonus out of the taxes paid by March 15 2019,” said the state secretary.