Financial managers and executives say the predictability andstability of the fiscal legislation are even more important thantax cuts.
"What does a manager want? Not to have to update budgetestimates as a result of legislative modifications. If I make abudget for 2010, I want to know from the very beginning of the yearwhat income tax I will pay on April 25th. We are not interested inVAT cuts or in other incentives, I want to at least know what willhappen next year," said Carmen Rusmir, CEO of Zoppas IndustriesRomania, a producer of home appliances, which posted a 43.6million-euro turnover in 2008 and had around 3,000 employees,according to data from the Ministry of Finance.
The most recent example of the unpredictability of fiscallegislation is the draft emergency ordinance on postponing theadvance payment of the income tax until 2015. The Fiscal Code inforce provides for a generalisation of advance payment to includecompanies as well, as of 2010, whilst so far this only applied tobanks.
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