Boc: Reinvested profit tax exemption as of October 1

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The reinvested profit will be exempted from taxes as of October 1, following that beginning with January 1, 2010, the lump-sum tax to be introduced, but only in certain fields of activity, Romanian Prime Minister Emil Boc on Monday announced, after the meeting of the ruling coalition held at the Victoria Palace.

He also reaffirmed, on the same occasion, that the value added tax and the single flat tax will be maintained at the same levels.

Emil Boc said that he delegated the Minister of Finance and the other members of the negotiation team with the IMF to support the economic activity and the business environment, as much as they can, during the talks with the experts of the Fund, so that people to keep their jobs.

‘I have delegated the Minister of Finance and the other ministers in the negotiation team to to take into account the following elements, at the final stage of discussions today: we need to support the economic activity and the business environment, with a view to preserving the jobs and to ensure the economic development of the country.

That’s the reason for the maintaining of the single flat tax of 16 percent and of the VAT too.

As of October 1, we will also exempt from taxes the reinvested profit, with all of these measures having been taken at this point especially to be discussed with the IMF and with the European Commission.

Moreover, as a political decision, we have decided that, beginning with January 1, 2010, to have the lump tax restrained to only certain field of activity, which remain to be established by the specialists from the Ministry of Finance and by those who work in the field of fiscal evasion,’ the PM said.

Emil Boc specified the transparent reimbursing of the VAT process will be continued too, as a measure to support the business environment, to back up the financial resources for infrastructure, in such fields as transport, education, health, environment protection or the thermal rehabilitation of the blocks.

The Prime Minister also added supplementary resources will be allotted to finance European projects too, especially to support the local administrations.

‘The local administrations will be helped with supplementary financial resources on two conditions: cost standards should exist and, second, investments will have to be made in a transparent manner, with the objective of the Government to save the jobs to be observed,’ the PM said.

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