"Fiscal Peace" is published in the Official Gazette, the benefit for businesses starts in 15 days
The 7 laws of the Fiscal Package, including the so-called "Fiscal Peace" law, were published in the Official Gazette today. The laws enter into force in 15 days.
Within this year, the tax and customs administrations must erase from their balance sheets any debt that businesses have that was created before December 31, 2014. This government initiative, which was approved on December 12 of last year, affects nearly 2.1 billion euros in unpaid debts over decades, and benefits more than 200,000 debtor businesses.
There are almost 1 billion euros in liabilities created from the 1990s to the end of 2014 that will be erased by December 31, 2026. This includes the forgiveness of fines and late payment interest for unpaid insurance liabilities up to 2014.
Meanwhile, tax and customs debts from 2015-2024 will only be forgiven if the obligations are paid. If 50 percent of the debt incurred from January 2015 to December 31, 2020, is paid immediately by June 2026, the other half is forgiven, along with fines and interest. If payment is made in installments, by the end of December 2026, only 25 percent of the obligation will be forgiven.
The other category with debts from January 1, 2020 until the end of December 2024 will benefit from forgiveness of fines and interest if they pay all tax obligations within 2026.
As for social security obligations, fines and interest for the last 10 years (2015-2024) will be forgiven if businesses pay 100% of the contribution by December 31, 2026.
This law, which is expected to last only until 2026, also provides that once the balance sheets are cleaned up and businesses are freed from these obligations, it will make its largest beneficiaries public.
By January 31, 2027, the tax and customs authorities will publish on the institution's official website the full list of the 3,000 largest taxpayers who have benefited from this law. Article 3, point ç states that the list will include all entities whose liability has been canceled by no less than 5 million lek.
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