Procedure for updating the level of guarantees according to art. 20654 alin. (42) of Law no. 571/2003 regarding the Fiscal code

Order no. 1920 of 27 November 2013, published in the Official Gazette no. 748 of 3 December 2013

The Order lays down the procedure whereby authorized warehouse keepers could reduce the value of the guarantee set up for ethyl alcohol, alcoholic beverages, manufactured tobacco and energy products, if such guarantee exceeds the maximum level provided for in the Fiscal Code.

By 5 December 2013 authorized warehouse keepers are required to file a notification regarding the new level of the guarantee, together with relevant supporting documents.

If the reduction of this guarantee is not requested, the tax authorities will update ex officio, the level of the guarantee, considering the operations performed by each taxpayer.

For additional information, please contact:

Venkatesh Srinivasan, Partner - Head of Tax and Legal

Ernst & Young SRL and E. Platis, C. Bazilescu LLLP

15-17 Ion Mihalache Blvd.

Bucharest Tower Center Building, 22nd Floor

Sector 1, 011171, Bucharest, Romania

Tel: (40-21) 402 4000

Fax: (40-21) 310 7124

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