The fear of entrepreneurs in 2026. The indicator that can bring ANAF on your head at any time
The law on commercial companies was amended with the second tax package last year, and the net accounting assets of companies thus became a risk indicator, something that will affect companies and entrepreneurs at the same time, especially if we refer to dividend distributions, but also loan repayments.
In short, net asset value (NAV) is the difference between total assets and liabilities, being the real economic value of the company, i.e. what is left to shareholders/partners after all liabilities are paid.
“Considering the new fiscal contexts, ANAF controls are certainly becoming stricter and more rigorous, and company owners are forced to understand and monitor this indicator with greater attention than before or to collaborate more closely with accounting professionals, regardless of whether they are internal or external”said Cosmin Dumitrașcu, entrepreneur, accounting expert & founder of ABS Group Romania.
In recent years (including 2025), many firms have had low equity and distributed dividends aggressively, given the increase in percentages from 5% to 8%, then to 10%, and from 2026 we went to 16%. In addition, frequent loans were granted from and to shareholders/associates, in some cases without reflecting the financial reality of the company.
Now, in 2026, the accounting net asset has also become an indicator of compliance, accounting, tax as well as legal.
Thus, no dividends can be distributed if the net accounting asset is negative and, in addition, no credits can be returned to associates/shareholders. Practically, until the situation is remedied, the net accounting asset must be at least 50% of the value of the share capital.
“We are dealing with extremely clearly outlined limitations on the withdrawal of dividends.
Otherwise, according to the new legislation, there are very high fines. The penalty in case of non-compliance is between 10,000 lei – 200,000 lei”Cosmin Dumitrașcu also showed.
In addition to fines, the ANAF's addition of interests and late penalties, the reclassification of dividends during a possible audit, even reaching the situation where the amounts are reclassified by the tax inspectors as additional taxable income, must be taken into account.
In addition, legal representatives (administrators) may be held liable for illegal distributions.
Also, loans to partners/shareholders are getting into an increasingly sensitive state, becoming another critical topic, closely related to the net book asset.
“In day-to-day business, companies use loans as a variant instead of dividends. And this approach due to the net book asset becomes extremely risky, because they can be interpreted as distributions disguised as profit. It can also be interpreted in the sense of the lack of real financing capacity of the company”explained the representative of ABS Group Romania.
In such cases the inspector may:
• reclassify the loan as dividends, with the related tax at 16%, to which penalties are also added;
• imposes the joint liability of the administrator. In the current fiscal context, the companies that will benefit, in Cosmin Dumitrașcu's opinion, are those that take care of their own capital closely, will use and reinvest profits, will use correct financial instruments, but above all carefully documented and will thoroughly collaborate with the financial-accounting-fiscal-legal department, because now they must work in perfect synergy, considering the extreme limitations
