Romania's Tax Administration plans to introduce a new penalty- a fine of 30 percent of the undeclared fiscal obligations for companies, established after tax inspections. Adding the existing interest and penalties applied when tax payers are late with paying their dues, the percentage exceeds 50 percent.

Applying the new penalties on the amounts which were not declared does not exclude paying the principal amount.

The new penalties will be applied after fiscal inspections starting January 1, 2013, when the maximum penalty for paying due taxes will also change, from the current 15 percent, to 10 percent.

editor@romania-insider.com