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Foreign Investors' Council recommends simplification of VAT regime

The Foreign Investors' Council (CIS) in Romania recommended a series of measures to be taken towards the simplification of the fiscal regime (of the VAT), and also the extension of the consultation process between the investors and the authorities, by including, besides the Ministry of Public Finance, other governmental entities as well, such as the National Agency for Fiscal Administration (ANAF), reads the 2009 Report of the CIS.

With regard to the VAT, CIS recommended the reintroduction of such simplification measures in the case of the construction and real estate companies, the postponement of the reintroduction of the system that allowed the payment of VAT for the goods imported from outside the European Union until the goods actually reach their final destination in Romania or in other European Union member state. Moreover, CIS recommended the extension of the possibility to create groups of VAT for all the contributors.

In order to simplify the fiscal system and to stimulate investments, CIS proposed the introduction of income tax groups, the cut and the ceiling of the social contributions, the introduction of the integral discounts in the case of such expenditures with the liquidation of unrecovered claims as well expenditures with the liquidation of stocks and the fixed assets.

The Romanian fiscal authorities should take more measures to ensure the reimbursement electronically, to all the eligible fiscal persons and companies.

CIS was set up in 1997 and has more than 100 members standing for cumulated investment in Romania exceeding 16 billion euros.

The main objective of the Council is represented by the promotion of the dialogue between the investors and the decision-making factors, in order to improve the Romanian business environment.

Every two years, the CIS makes public a general analysis of the investment climate in Romania as well as a series of recommendations for the improvement of the business environment.

Sursa: http://www.agerpres.ro

Tags: fiscal simplification council

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