September 9, 2016 From September 1, 2016, Ordinance no. 22/2016 for the amendment of the Government Emergency Ordinance no. 77/1999, regarding some measures for the prevention of insolvency. This legislative provision brings new reporting obligations for taxpayers who are legal entities. In the following we will highlight the changes provided by the Ordinance. The old Ordinance 77/1999 which provided measures in order to diminish the financial blockage and the losses from the economy is brought back up to date by the Emergency Ordinance no. 22/2016 on some measures to prevent insolvency. Thus, a new obligation is added to the taxpayers of legal entities to prepare the situation regarding the outstanding amounts older than 30 days from the issuance of the fiscal invoice or from the due date, if the due date is clearly specified, to any creditor, respectively from any debtor. , legal person, as the case may be, based in Romania. This prepared situation will be submitted via the Internet to the address dedicated for this purpose, in order to include in the procedure of compensation the unpaid debts at the due dates. This Ordinance stipulates that the situation is updated by the taxpayers legal entities within one working day from the moment of any change. The tight deadline in which taxpayers have to update situations can hinder operational activities. That is why good information is needed to avoid the sanctions provided by law, which are significant: the maintenance and non-updating by the taxpayer of the legal person of the evidence of payment obligations and of the evidence of receivables is sanctioned with a fine from 500 lei to 1,000 lei the non-transmission by the taxpayer of the legal entity, through the Internet to the address dedicated for this purpose of the situation provided above within the previously provided terms is fined from 1,000 lei to 5,000 lei non-compliance by any user of the duties regarding the confidentiality of information, data and situations is sanctioned with a fine from 1,000 lei to 5,000 lei This legislative provision implies certain difficulties for taxpayers, because it does not fully take into account the concrete conditions for doing business for small and medium companies in Romania. In order to be up to date with the legislative provisions and their implementation method, we are open to offer you more information for the well-being of your business.