MF Ordinance 107/2025, which includes the main aspects related to the preparation and submission of annual budgets and annual accounting reports for 2024, has been published in the Official Gazette and is effective January 23, 2025. In parallel, the Romanian Revenue Agency has made available the new electronic forms to enable online completion and submission of reports.

The regulatory act stipulates that budgets for the year 2024 must be submitted by the following newly amended deadlines:

for corporations: until May 31 of the following fiscal year, however, since the deadline falls on a Saturday, it automatically shifts to June 2 (the same deadline applies to 2024 annual budgets);
for NGOs: by April 30 of the following fiscal year (thus changing the date).

Taxpayers in the “micro enterprise” regime who wish to remain in this regime must submit their financial statements by the legal deadline (among other conditions to be met) on pain of leaving the regime, as set at the end of 2023 by the amendment to the Tax Code.

Representatives of the Ministry of Finance pointed out that, unlike the 2023 rules, the following changes will apply to 2024 budgets:

separate reporting of the net turnover achieved from operations carried out in the country;
introducing clarifications regarding the signing of annual financial statements/annual accounting reports and the deadlines for their submission, in the sense of mentioning the fact that they are signed by the legal representative (the administrator or the person who has the obligation to manage the entity), as well as by the economic director, chief accountant or other person authorized to perform this function, hired in accordance with the law.

The annual budget as of December 31, 2024 will be prepared where appropriate:

either under the accounting standards for individual annual financial statements and consolidated annual financial statements, stipulated in MF Ordinance 1.802/2014;
or under the accounting standards in accordance with International Financial Reporting Standards, stipulated in MF Ordinance 2.844/2016.

Annual budgets are submitted to the territorial units of the Tax Office and are prepared in Romanian and lei. Submission of budgets takes place in paper and electronic format, either at the registration office of the units of the Tax Office (or at post offices, via letters with declared value), or only in electronic format, on the e-Guvernare.ro portal (electronically signed). The transition to online-only submission is planned for deadlines in 2026, i.e., for budgets in 2025.

ILe entities that have not carried out any activities from their establishment until the end of the relevant fiscal year are not required to prepare annual financial statements. They shall file a declaration of inactivity with the Internal Revenue Service within 60 days of the close of the 2024 fiscal year.

The annual budget must be accompanied by:

• directors’ report;
• The auditor’s report or the censure committee’s report, as appropriate;
• The proposed distribution of profits or coverage of accounting losses;
• written statement of the administrator, authorized officer or other person
  who is obligated to manage the respective unit, whose responsibility
  assumes for the preparation of the annual financial statements and confirms that:
  – the accounting principles used in the preparation of the annual financial statements are
  in accordance with applicable accounting regulations;
  – the annual financial statements provide a true and fair view of the financial position,
  financial performance and other information regarding the activities of the
  rolled up;
  – the legal entity is conducting its business as a going concern

Exceeding the legal deadline for submission of financial statements may be sanctioned under the Accounting Law as follows:

fine of 300 to 1,000 lei, for a delay of between one and 15 working days;
fine of 1,000 to 3,000 lei, for a delay of between 16 and 30 working days;
fine of 1,500 to 4,500 lei, for a delay of more than 30 working days.

If financial statements are not submitted, the penalty is a fine of 2,000 to 5,000 lei.

It should be remembered that Law 296/2023 eliminated, for all accounting penalties, the possibility of paying half of the minimum within 15 days.

It is therefore advisable for taxpayers to check the completeness of the documentation sent to their advisor and conclude the 12/31/24 inventory of assets and liabilities.