Companies are Exempt from Penalties One Time for Not Submitting Fiscal Declarations
The fiscal declarations are mandatory for each company with activities in Romania. According to a recently revised law for 2018, enterprises which do not declare the fiscal obligations to the financial authorities in charge are exempt one time from penalties. Instead of dealing with unwanted consequences regarding the financial responsibilities in your firm, we suggest you address to our Romanian accountants who are at your disposal with support and information about the tax system in Romania and the responsibilities in this sense. Likewise, our advisors can offer audits in Romania for any type of company you might have.
Warning companies instead of offering penalties
There are cases in which companies do not declare in time the fiscal contributions to the state authorities, such as:
• submitting the fiscal declarations;
• cancelation of tax registration.
In these cases, and according to the law, such enterprises may pay sums between 1,000 and 5000 RON for large and medium firms in Romania, or 500 and 1,000 RON for small companies registered in the country. Because the legislation has changed starting with January 2018, these companies are excused only one time if they do not submit in time the fiscal declaration. Our accountants in Romania can help entrepreneurs deal with fiscal obligations in compliance with the applicable laws in Romania.
Types of documents you need to submit to the financial authorities
Among the fiscal declarations, one must submit to the financial authorities in Romania, we mention the following:
• form 010 – the tax registration for juridical persons;
• form 020 – the tax registration for natural persons (Romanians or other nationalities);
• form 070 – the tax registration for sole proprietorships in Romania;
• form 205 – the withholding tax for gambling profits and investment losses;
• form 207 – the withholding tax, exempt incomes on non-resident beneficiaries
• form 390 – VAT summary statements.
It is good to know that the fiscal declarations which were wrongly submitted are part of the prevention legislation, meaning that the companies will not be sanctioned. For a better understanding of penalties for not submitting the fiscal obligations, please feel free to contact our accounting firm in Romania.