PD-L senator asks Minister of Finance to suspend payment in advance of tax on profit

Iulian Badescu, a senator of the ruling Democratic Liberal Party (PD-L), asks Minister of Finance Sebastian Vladescu to take the necessary steps in order to suspend application of the provisions of Government Emergency Ordinance 106/2007, which introduces the system of paying in advance the tax on profit owed by trading companies.

In an open letter to Vladescu, the PD-L senator asks him to take steps for the application of this normative document to be made “strictly depending on the concrete results of the current economic and financial year” of the businesses that are the subjects of this ordinance.
Iulian Badescu mentions the fact that the above-mentioned ordinance was approved by the Senate on November 28, 2007, but has been debated by the lower chamber of Parliament “not even by now.”

“The ordinance stipulates, starting on January 1, substantial changes in declaring and paying the tax on profit, changes that are apt to affect the activity of the trading companies negatively, especially of the ones working in the private sector … Considering the circumstances of the crisis, nobody can guarantee that the current economic and financial year will be favourable to businesses.

The 2010 will rather be more difficult than 2009, a year in which the real profit of the trading companies will be even lower than the one predicted by the most pessimistic estimates,” said the Democrat Liberal senator.

He warns against the fact that trading companies will have even more to suffer if they borrow money to pay in advance a tax on a non-existing profit “or, even worse, to pay in advance a tax on losses.” “We think the payment in advance of the tax on profit is inopportune as it is legislated by Government Emergency Ordinance 106/2007,” concluded Badescu.

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