The Ministry of Finance could collect an additional RON 6.2 billion to the state budget by applying the minimum turnover tax, Daniel Anghel, Partner, coordinator of tax and legal services at PwC Romania, said on Friday."Of all the changes, I would say the most important is the minimum turnover tax, which, as you can see, will have the biggest impact. It's an estimate I made together with my colleagues. You heard, the taxation of turnover is an almost non-existent practice in developed countries, precisely because the size of the turnover does not automatically mean similar profits. Profit margins differ, obviously, from one economic sector to another, but also depending on the economic context. According to our estimates, you see, there will be 756 companies eligible to pay this turnover tax, 20 of which are credit institutions, and 335 companies would continue to pay 16% profit tax. The amount we estimate that the Ministry of Finance will collect as an extra by applying this tax, will be RON 6.2 billion in addition to the state budget", said Daniel Anghel, at the "Get ready for the fiscal new wave" conference, organized by PwC Romania.He mentioned that these estimates take into account only the balance sheet figures of the companies, as they were published in 2022 on the website of the Ministry of Finance, not the total revenues provided by the draft law, which, in certain situations, can be even higher.According to the representative of the consulting company, the turnover tax, as well as the consequences we can expect, will slow down the rate of economic growth in a volatile context anyway. It discourages investments, especially those undertaken by companies in the short and medium term.According to him, we have a collection that, unfortunately, places us at the bottom of the ranking in the European Union.
The team of Kosovo abandoned during the stoppage time in the 92nd minute of the football match against Romania in Bucharest counting for the Nations League, accusing the Romanian fans of "racism" after the later sang Serbia-related chants. The Romanian team remained on the pitch for 74 minutes until the referee decided to put an […]
One week before the first round of the presidential elections in Romania and two weeks before the parliamentary ballot, the leader of Romania's junior ruling Liberal Party (PNL) and a presidential candidate, Nicolae Ciucă, took one more chance to argue vocally that only his party can send the senior ruling Social Democratic party (PSD) and […]
International rating agency Moody's has affirmed the ratings assigned for the first time in 2023 to Romanian financial group Banca Transilvania (BVB: TLV) and improved the outlook on the long-term deposit (Baa2) and issuer ratings (Baa3) to positive from stable. Low dependence of market funding and high profitability balances against risks posed by foreign currency […]
The number of dissolved companies in Romania increased by 6.9% year-on-year in the first nine months of 2024, reaching 30,094, up from 28,146 in the same period last year, according to data from the National Trade Registry Office (ONRC). Bucharest recorded the highest number of dissolutions at 6,184, marking a 5.4% y/y increase,
Rompetrol Rafinare, a KMG International Group (Rompetrol) member company, announced it recorded in the first nine months of 2024 a gross turnover of USD 3.57 billion and an operational result (EBITDA, an indicator that measures the company's profitability before deducting depreciation, interest, fees, and taxes) of about USD 125 million. The financial results were impacted […]
The Romanian natural gas group Romgaz (BVB: SNG) announced that it obtained a net profit of almost RON 2.3 billion (EUR 460 million) in the first nine months of this year, 4.8% more compared to last year, according to a note sent to investors. The company's total revenues dropped by 16.3% y/y to RON 6.13 […]
