The introduction of measures designed to diminish and control the spread of the COVID-19 infection has had a significant impact on business and the economy. In light of this, the Romanian tax authorities have introduced a series of financial measures to support businesses. MSI's Romanian accounting member Contabilul Tau provides an overview of the measures.
Initially, the Romanian Government took measures regarding the postponement of fiscal obligations during the state of emergency, up to a period of 30 days from its end, urgented the anticipated profit tax with quarterly payments; suspended or delayed the forced execution procedure for certain budgetary debts and extended certain deadlines for the restructuring plans applicable.
Moreover, the state supports the payment of 75% of the salary for the employees who lost their jobs as their employers had to partially or totally interrupt their activity, and implicitly have an inability to pay the wages.
Another set of measures were taken for small and medium companies which can contract loans guaranteed by the state for investments in a proportion of maximum 80% (for 120 months) or working capital (for 36 months), in the amount of 10 million RON per beneficiary.