The Government approves the Ordinance that will enable the taxpayers with outstanding budgetary debts at the end of 2018 to apply for a financial restructuring mechanism .

Firms with budgetary debts of more than 1 million lei on 31.12.2018 will be able to obtain the payment scheduling, even the cancelation of some debts, conditioned by the payment of the budgetary debts from 2019 until the 30th of November of the same year.

The mechanism will be open to companies only six months after the formalization, during which time they will have to build restructuring plans to be agreed with the tax authorities. Companies with overdue budget over one million lei will have six months to request to enter into a restructuring.

Firms with debts less than 1 million lei on 31.12.2018 may benefit from the cancellation of accessories if the main debts are paid by 30.11.2019.

Similar procedures apply to natural persons or territorial administrative units.