PM Boc: Gov’t is considering exempting reinvested profits from taxation

Prime Minister Emil Boc said on Friday that the Government is considering introducing tax exemptions for reinvested profits and restraining the mandatory tax on businesses as two main measures to boost the local business environment.

‘We are considering introducing tax exemptions for the reinvested profits and securing financial resources for infrastructure, from transport to education, as well as restraining the mandatory tax on businesses in order to assist the business environment in the hard times of crisis.

Yet, for the mandatory tax, we will have to find a way to offset the effects on the Budget,’ Boc told a meeting where he introduced a new system fro the refunding of the Value Added-tax (VAT).

He mentioned that as far as the mandatory tax on businesses is concerned, it has already met its ends, which was to force owners of bogus companies into winding up their business, and that the next step will be restraining the tax to areas where tax dodging can be best fought against through taxation, for instance restaurants.

He explained that the ruling coalition has conducted an analysis of restricting the tax and that the decision on when to restrict the tax will be taken after the latest figures indicating the state of the Romanian economy are out, expectedly soon.

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