Romanian Microenterprises To Pay 16% Profit Tax Or Lump-Sum Tax In 2010

."As of January 1, there will no longer be a different taxation system for microenterprises, namely a 3% tax on revenues, and these businesses will have to pay the 16% profit tax or the minimum tax," Vladescu said.

So far, microenterprises were subject to a special taxation system, allowing them opt between the payment of a profit tax or a tax on revenues, which progressively rose to 3%. With this option out of the way, the term microenterprise will disappear from the Tax Code altogether.

In 2009, Romania registered 280,000-300,000 microenterprises, small-scale businesses with up to nine employees and annual revenues of maximum EUR100,000.Daniel Chitoiu, a liberal lawmaker and former head of the country's tax administration agency ANAF, said the change in the taxation system applied to such businesses will trigger 200,000 bankruptcies.

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