The state this year made 1.22bn RON (300m euros) from taxeslevied on banks' profits, more than what the entire banking systemis expected to gain in 2009, according to the National FiscalAdministration Agency submitted to ZF.
The sum represents advance taxes for 11 months for the recordprofits of 2008. In line with the Fiscal Code, banks during theyear make quarterly payments in advance, on the basis of previousyear's profit. For the entire last year, banks' profit reached4.4bn RON (1.2bn euros), while for 2009 a six times lower income isprojected, namely 200m euros.
Under the circumstances, the budget next year loses a significantpart of these resources as banks will pay much lower profit taxes.Practically, banks this year paid profit tax, despite havingregistered smaller incomes or even losses, which amounts to a"credit" for the Finance Ministry until the moment ofregularisation.
Fiscal consultants consider regularisation, through tax payback,can and as a rule is avoided by offsetting sums paid in additionwith future debts taking into consideration the "unfortunate"experiences related to VAT refunds.
Banks also benefited from "credit" from the part of the state in2008, paying in the first phase taxes for profits generated in2007, of 2.5bn RON (750m euros), much lower than in 2008.
It was not only commercial banks that helped the state this year bypaying profit taxes, but the National Bank as well, paying profittax of around 1bn RON.
Banks pay taxes for profits calculated in line with RomanianAccounting Standards (RAS), and after the first 9 months cumulatedprofits of the entire banking system stood at 680m euros.
Profit generated by banks after the first 9 months is over fivetimes lower than the figure reached after the first 9 months of2008, when the banking system posted net profits of 3.6bnRON.
Even if banks post losses, they are forced to pay at least theminimum annual tax, calculated depending on the previous year'sturnover.
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