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Companies exempted from tax on reinvested profit in 2010

Invested profit in production or equipment acquisition used to obtain taxable income is exempted from taxing in 2010, but the tax payers pay the minimum tax if it is more than the profit tax for the income over the last quarter of 2009.

The provisions are included in a government decision through which the methodological norms for the application of the fiscal code are amended, as published in the Official Gazette.

According to the normative document, the invested profit represents « the balance of the profit and loss, the accounting profit accumulated since the beginning of the year, used for this purpose in the year of investment".

The exemption from tax for profit due to investment made is offered within the limits of the tax for profit due for the respective period. For the period 1 October - 31 December 2009, when using the non-taxation of reinvested profit it is taken into consideration the profit recorded starting with 1 October 2009 and invested in the assets produced or acquired after that date.

« In the case when, as a result of application of provisions, the tax on profit is under the level of the minimum tax, the tax payers are due to pay the minimum tax " the decision says.

According to the law regarding the organization of authorities and public institutions, the reduction of public expenditure, the support of business environment and the observance of frame-work agreements with the European Commission and the IMF, the measure to exempt from taxing the reinvested profit is applied by 31 December 2010.

In connection to the minimum tax, premier Boc stated on several occasions that this will be kept only for those domains and activities where fiscal evasion cannot be avoided, such as hotels and restaurants, but for the moment the government had no decision taken with this regard.

The government exempted from taxing the reinvested profit starting with 1 October 2009.

Sursa: http://www.actmedia.eu

Tags: profit reinvested exempted

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