Bankers paid 300m-euro profit tax to the state
The state this year made 1.22bn RON (300m euros) from taxes
levied on banks' profits, more than what the entire banking system
is expected to gain in 2009, according to the National Fiscal
Administration Agency submitted to ZF.
The sum represents advance taxes for 11 months for the record
profits of 2008. In line with the Fiscal Code, banks during the
year make quarterly payments in advance, on the basis of previous
year's profit. For the entire last year, banks' profit reached
4.4bn RON (1.2bn euros), while for 2009 a six times lower income is
projected, namely 200m euros.
Under the circumstances, the budget next year loses a significant
part of these resources as banks will pay much lower profit taxes.
Practically, banks this year paid profit tax, despite having
registered smaller incomes or even losses, which amounts to a
"credit" for the Finance Ministry until the moment of
regularisation.
Fiscal consultants consider regularisation, through tax payback,
can and as a rule is avoided by offsetting sums paid in addition
with future debts taking into consideration the "unfortunate"
experiences related to VAT refunds.
Banks also benefited from "credit" from the part of the state in
2008, paying in the first phase taxes for profits generated in
2007, of 2.5bn RON (750m euros), much lower than in 2008.
It was not only commercial banks that helped the state this year by
paying profit taxes, but the National Bank as well, paying profit
tax of around 1bn RON.
Banks pay taxes for profits calculated in line with Romanian
Accounting Standards (RAS), and after the first 9 months cumulated
profits of the entire banking system stood at 680m euros.
Profit generated by banks after the first 9 months is over five
times lower than the figure reached after the first 9 months of
2008, when the banking system posted net profits of 3.6bn
RON.
Even if banks post losses, they are forced to pay at least the
minimum annual tax, calculated depending on the previous year's
turnover.