In the Official Gazette (Part I) no. 319 dated April 16, 2020, Government Emergency Ordinance no. 48/2020 on certain financial and fiscal measures was published, introducing several amendments, as follows:
Extension of the deadline for submitting 2019 financial statements until July 31, 2020 – for all categories of entities:
For the submission of annual financial statements for the financial year 2019, as well as the annual accounting reports concluded as of December 31, 2019, the deadlines provided in art. 36 para. (1) and (3) and art. 37 of Accounting Law no. 82/1991, as republished and subsequently amended, are extended to July 31, 2020, inclusive.
As a result, both the submission deadline for financial statements of limited liability companies (SRL), which is 150 days from the end of the financial year, and the submission deadline for non-governmental organizations (NGOs), which is 120 days from the end of the financial year, are postponed.
Additional regulations for sponsorships made by micro-enterprises:
Micro-enterprises will be able to make sponsorships to public institutions and deduct the corresponding amounts from the tax on micro-enterprise revenues, up to the value representing 20% of the micro-enterprise revenue tax owed for the quarter in which the related expenses were recorded, based solely on the sponsorship agreement, without the obligation to register the respective beneficiary entities in the Register of entities/religious units eligible for tax deductions.
Tax-free in-kind benefits for employees in isolation:
The following are not considered taxable income and are not subject to social contributions: in-kind benefits granted to individuals earning employment income by virtue of holding positions considered essential by the employer/payer for the conduct of business, who are in preventive isolation at the workplace or in specially designated areas inaccessible to outside persons, for a period established by the employer/payer, when a state of siege or emergency has been declared pursuant to the law.