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Minimum Tax Cleaned Romania’s Economy, Closed Inactive Cos – PM

Over 73% of the Romanian companies closed down after the introduction of the minimum tax were inactive or used for illicit deals, so that the tax seems to have reached its goal due to its curative and cleaning effects over some economic fields, Prime Minister Emil Boc said Wednesday.
Minimum Tax Cleaned Romania’s Economy, Closed Inactive Cos - PM
06 ian. 2010, 12:04, English

„The minimum tax was necessary to clean some economic sectors. Now, it will be reformulated and restrained to the sectors that need to be cleaned of tax evasion, as restaurants and hotels,” Boc said in the Senate plenum, during debates on a draft law to authorize the government to adopt ordinances during parliamentary vacation.

The Finance Ministry is currently analyzing how to find the resources to cover the deficit that will result from the elimination of the minimum tax, in order to keep the budget in balance, Boc added.

The draft law authorizes the government to replace, through ordinance, the minimum tax applied to all companies with a lump sum tax applied to certain sectors of activity.

According to Boc, the new variant of the tax will come into force after the Finance Ministry draws up a new project.