The Finance Ministry has decided, only two months since thebeginning of the year, to drop plans to enforce the advance profittax payment system for companies, confusing businesses andupsetting "calculations" made by the companies' accountants at theend of last year.
The companies should have had to shift to the advance profit taxpayment system, which had been used only by banks in the previousyears according to the Fiscal Code in force.
"No advance profit tax will be paid in 2010. We discussed itwith the Finance minister and we will keep the provision about notpaying advance profit tax for 2010, as well, as part of the changeswe will make to the Fiscal Code, considering the economic contextand in order to help the business sector," Prime Minister Emil Bocsaid yesterday.
According to ZF information, there are companies which hadhigher revenues at the end of the year and had trouble figuring outtogether with their accountants when to actually record them.
Had the advance profit tax payment system been enforced,companies would have had to file returns and make advance paymentsevery quarter as part of the yearly profit tax in sum of 25% of thetax due for 2009 - when profits were cut by the economic crisisadjusted with the inflationary index of December.
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