Most Romanian companies (94%) expect to pay more taxes in 2024, Alex Milcev, head of EY Romania's Fiscal and Legal Assistance department, said Thursday, citing a survey conducted by the company."The first question is whether you expect your company to pay more taxes in 2024. It seems, of course, a question to which everyone should answer 'Yes'. Pretty much everyone answered, that is 94%. But the interesting part is the next question, namely the reasons for these tax increases. And the answers are very interesting. 68% blame the legislation. This is also correct because that is how this legislation was designed, so that we all pay more to the state budget to a greater or lesser extent. But the next criterion, with 36%, is the 'business growth' criterion. That is, the increase in taxes is due to the fact that the business is doing well," said Alex Milcev, at the EY Annual Tax Conference 2024.As a reason for increasing taxes 32% of participants mention the political context and the pre-election period, 32% inflation, which leads to a nominal increase in revenues, 18% the need to align with newly introduced international requirements, and 32% all the reasons listed above.When asked "How do you rate the government's measures to increase taxes in 2023 and 2024?", 37% of participants answered that these were unavoidable and 30% avoidable.When asked "What alternatives do you think would be available to avoid tax increases?", most respondents, 70%, mentioned combating tax evasion.Participants were also asked about increasing the efficiency of the tax system in Romania. Most, 76%, pointed to the digitisation of the National Agency for Tax Administration (ANAF) and the improvement of the level of training of tax inspectors.Participants were also asked about the impact of the new minimum turnover tax (0.5%/1%/2%) on their business in 2024. 48% said it would have no impact, 31% a significant impact, 14% a very significant impact, and 7% an insignificant impact.
Romania’s prime minister Ilie Bolojan reportedly opposes the idea of further prolonging the price-capping mechanism introduced in August 2023 and repeatedly extended so far, according to Ziarul Financiar. Ambiguous statements over the weekend indicated an incipient conflict among the ruling coalition’s...
Several thousand civil servants rallied in Bucharest on September 15 to oppose government reform plans that would reduce public administration staff, Radio Romania Actualități reported. Protesters gathered in Victoriei Square before marching to the Palace of Parliament,...
A memorandum establishing a new stock exchange in the Republic of Moldova was signed on September 15 in Chișinău, with the Bucharest Stock Exchange (BVB) set to play a key role as shareholder and technology partner, according to Bursa.ro. The new Moldovan exchange will run...
The “service pensions”, also known as special pensions, paid to civilians (military not included in the report), cost the state budget and the state social insurance budget a total of RON 2.2 billion in 2024, over 22% more than in 2023,
The Czech company Tesla has officially announced to the government and local authorities that it is abandoning the project to build the energy storage factory in Brăila, an investment of EUR 90 million that was also to receive state aid, according to
Romanian households' purchasing power has deteriorated in July, both as a result of slower nominal advance (+5.2% y/y, the weakest in four years) but also because of a sharp rise in inflation (7.68% y/y) following the VAT rate hike, according to data published by the statistics office INS. The average net wage dropped by 3.0% […]
