Gruia Dufaut



Last updated: 23 April 2020

The GEO no. 48 published in the Official Gazette 319 as of April 16, 2020 brought by a new, extended deadline for filing the annual financial statements. Thus, companies shall file the annual financial statements and the accounting reports for the financial year closed on December 31, 2020 to the Tax Administration until July 31, 2020.

Such extended deadline for filing the financial statements regards:

  • Companies, national companies, self-governing administrations, autonomous research & development institutes, Romanian entities lacking legal personality belonging to legal entities headquartered aboard, except for entities lacking legal personality set up in Romania by companies headquartered in EEA state member;

  • Other legal entities (NGOs, associations & foundations, federations);

  • Legal entities pending liquidation;

The new measure enacted by the Government has been entailed by the fact that most of the companies may be unable to comply with the legal deadline taking into account the formalities to be carried out prior to such filing (as for example the obligation to hold a general meeting for the approval of the annual accounts, drawing up the Director’s and the audit report, checking up of the accounts by the auditors, etc.) which is impossible amidst the restrictions imposed by the authorities due to the Covid-19 pandemic.

For the record, before the entering into force of the GEO 48/2020, the annual financial statements filing due date by companies having pursued economic activities during the financial year 2019 was 150 days since the closing of the financial year, namely May 29, 2020 at the latest (for entities whose financial year coincided to the civil year) while for the other taxpayers (associations, foundations, NGOs, etc.) – the filing due date was 120 day since the closing of the financial year, namely April 30, 2020.

Other fiscal and financial provisions adopted under GEO no. 48 concerning companies (selection)

  • Exemption on payment of the tax on revenue and social taxes pertaining to benefits in kind granted to individuals obtaining salary revenues or similar thereto, for performing a job deemed essential for the company and for being placed under preventive isolation at the work place during the state of emergency;

  • Microenterprises may benefit from the 20% tax deduction for sponsorship granted to public institutions & authorities, even if they are unable to produce proof of registration of beneficiaries thereof in the Registry of entities / cult units at the date of the sponsorship contract;

  • The deadline for filing the tax return (form 100, newly issued by the tax body) by the taxpayers under the regime of profit tax payment has been extended until Saturday, April 25 included. Bonuses granted to companies that pay by anticipation their contributions have been set under the GEO 33/2020. If large taxpayers may benefit from a 5% bonus, small and medium-sized taxpayers may benefit from a 10% bonus for payment at due date of the tax on profit, while microenterprises from a 10% bonus.

  • VAT recovery claims shall be paid at once while the tax inspections pertaining thereto are to be performed afterwards. Such measure is enforceable during the state of emergency and 30 days after.

  • The specific tax for 2020 for certain activities (hotels, catering, etc.) shall be diminished commensurately with the number of days the concerned companies had to cease totally or partially their activity; such measure applies exclusively during the state of emergency; among the conditions to be complied with there is production of a Certificate of Emergency Status and the company’s not pending liquidation;

  • The list of the goods exempted from VAT payment at customs is available in schedule 1 of the GEO 48/2020.

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