The companies that obtained easier terms regarding the payment of debts to the state budget, in the form of either rescheduling plans or postponements from the Finance Ministry, could be set to enjoy further benefits. Companies that manage to stay on schedule with their payments until December 31 2004 will see the cancellation of those debts scheduled for payment beyond that date.
A draft ordinance currently being prepared by the Finance Ministry shows that the measures to facilitate payments will continue under the same terms as when they were granted until all the rescheduled debts are extinguished, provided that the current obligations are paid.
The rescheduling situation was uncertain, as Emergency Ordinance 40/2002 regulating facilitation will no longer be operational as of January 1, 2004, once the Fiscal Code is enforced.
The International Monetary Fund itself recommended the authorities to keep the rescheduling programme going. It explained in an analysis completed earlier in the year that the payment of overdue fiscal obligations in instalments would provide a significant continuous flow of safe liquid revenue for the general consolidated budget.
The new draft ordinance says that failure to meet the payment deadlines after December 31, 2004, as well as the conditions under which the easier payment terms were approved will lead to cancellation of the scheme, the start of debt enforcement procedures for the entire unpaid liability and the obligation to pay interest and late payment charges.
At the same time, the debtors, which got easier payment terms for their general consolidated budgetary dues and can verify by October 31, 2004 that they have paid their debts in instalments along with the current fiscal obligations falling due on or before the same date, will have the same easier terms maintained for the remaining debts as of October 31, 2004.
If the companies in question fall behind in the payment schedule for their instalments and current obligations, the tax authority representatives will notify them by November 30 about the interest and penalty differences to be paid by December 20.
These provisions also apply to the debtors for which forced execution procedures have been started or are continuing.
The territorial finance Ministry representatives will inform them about the new payment schedules, without exceeding the number of instalments initially set. The overdue debts of the major taxpayers to the state budget amounted to the equivalent of $1.74bn at the end of the first quarter of 2004.
The reactivation of Ordinance 40/2002 should lead to a reduction in budgetary arrears, a promise made by the Government to the European Commission.
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