| Update: | Compliance Alert - Draft law published extending penalty grace period |
| Date: | 2024-03-25 |
Romanian Minister of Finance Marcel Bolos has announced his intent to extend the grace period for penalties.
The draft emergency ordinance extends the grace period from 31 March to 31 May. The sanctions for which the grace period applies are for non-compliance with the invoice reporting requirement within 5 working days of a taxable event/initial issuance of an invoice.
The draft legislation also clarifies the context in which the penalties will be levied. The following penalties will apply for one or more unreported invoices in each calendar month.
- RON 1000 to 2500 (ca. EUR 200 to 500) – small taxpayers, legal persons, and ‘other’ legal entities;
- RON 2500 to 5000 (ca. EUR 500 to 1000) – medium taxpayers;
- RON 5000 to 10,000 (ca. EUR 1000 to 2000) – large taxpayers.