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Companies may pay both profit and minimum tax

Total taxes owed by companies may reach as much as 30% of the gross profit, almost double the 16% quota if their financial situation fluctuated from one quarter to another last year so that they moved from the profit tax bracket to the minimum tax bracket.

Such companies now have to pay the 16% profit tax and the minimum tax, but the amounts exceeding what was due cannot be settled at the end of the year so that the companies cannot get them back.

"The problem occurs in the case of those companies whose financial situation fluctuated last year, when they moved from profit to loss and then back to profit. If they posted losses last year, they paid a minimum tax. When they moved to profit they paid profit tax. The minimum tax is not deducted when the profit tax is eventually balanced. It is an extra payment. The fiscal burden may take the tax to 30%," explained Luminita Ristea, Nexia managing partner.

The minimum tax was introduced in April 2009 and was challenged by most business people.

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