Romania's Revised Fiscal Procedures Code

On 23 July 2015, Romania published Law No. 207/2015 in its Official Gazette. The Law amends provisions of the Fiscal Procedures Code concerning tax penalties, statute of limitations and audits, and other matters.

Tax Penalties

The main changes regarding tax penalties include:

• A reduction in the late tax payment penalty from 0.02% to 0.01% per day, and a reduction in the late payment interest penalty from 0.03% to 0.02% per day;
• A reduction in the late payment interest penalty for local ta…