In the Official Gazette no. 658/29 August 2016 has been published the Ordinance no. 22/2016 amending Emergency Ordinance no. 77/1999 regarding some measures for the avoidance of default.
According to these amendments, companies will be required to prepare and to submit in electronic form a statement regarding the receivables/payables older than 30 days as of the invoice date or due date, if the due date is expressly mentioned in relation with other Romanian companies.
The statement should contain the following information:
a) Identification elements of the debtor:
-
- name, headquarter address and tax code;
- name, headquarter address, tax code of the creditor;
- number, issuance date, due date (if expressly mentioned), value and balance of the balance that should be paid to the creditor.
b) Identification elements of the creditor:
-
- name, headquarter address and tax code;
- name, headquarter address, tax code of the debtor;
- number, issuance date, due date (if expressly mentioned), value and balance of the balance that should be cashed from the debtor.
Companies should closely monitor the receivables/payables, as the statement should be updated within 1 working day as of any changes occur.
The Government should publish, within 30 days of the issuance of this Ordinance (i.e. by the end of September), the application norms which should bring more clarity on the submission procedure of this statement.
Companies are liable to pay fines varying from RON 500 to RON 5,000 if they do not prepare, update or submit the receivables / payables statement. The fines are applicable after 30 days of the issuance of the Ordinance (i.e. meaning they are applicable starting 29 September 2016).
