(Order no. 2604/2011, published in the Official Gazette no. 707/ 6 October 2011)

The Order completes the provisions of art. XI from the Government Ordinance no. 30/2011 regarding the fiscal incentives granted for the outstanding tax liabilities as of 31 August 2011. Clarifications are brought regarding the definition of principal tax liabilities outstanding as of 31 August 2011, as well on the computation method for the ancillary tax liabilities related to the principal tax liabilities outstanding as of 31 August 2011. Certain provisions are also introduced regarding the procedure to be followed by the tax authorities for applying the respective fiscal incentives.

By Venkatesh Srinivasan, Partner – Head of Tax and Legal, Ernst & Young Romania (P) – this article is an advertorial