Ion Alexandru Tiriac, the heir of an empire with turnover worth1.4bn euros, believes that the firms that will succeed in gettingover the VAT hike as well and survive will stand to gain in thenext ten years, considering the current situation is closer toreality than the one of 2007, when growth was artificial. Thedecision to raise VAT will have no positive impact over thedomestic economy, and chances are some companies will ceaseoperations and implicitly no longer contribute to the state budget,eroding revenues even more, believes Ion Alexandru Tiriac, theshareholder's representative in the management and boards ofdirectors of Tiriac Holdings and UniCredit Tiriac Bank, AllianzTiriac Asigurari and Metro Cash&Carry. Ion Alexandru Tiriac,33, started working together with his father around five years ago,being mainly in charge with the car unit of the holding. IonTiriac's business has also been hurt by the current economiccontext, with last year's decline against 2008 coming to at leasthalf a billion euros for the entire group, according to ZFestimates.
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