Stiri	Stiri afaceri	Stiri companii	Evenimente de afaceri

Ernst&Young: the fiscal impredictability can send away those who invested in Romania

Foreign investors who would like to come with money to Romania are discouraged by the fiscal impredictability and those who have already invested could leave as the changes of fiscal order made overnight change their business plans.

A foreign investor has business plan for many years, by comparison to entrepreneurs on the local market who are used to making business plans on the move. Romania is an attractive market for foreign investors from the point of view of reduced costs with the working force, but the fiscal impredictability make them look to other countries.

'Fiscal impredictability descourage potential investors and can send away those who have already invested in Romania' Cristina Clujescu stated for Wall- Street, tax manager with Ernst&Young Romania.

Since the beginning of 2010 and until now there have been published more than 10 laws and ordnances which completed or altered the provisions of the Fiscal Code, Cristina Clujescu says. At the same time, in 2010, altered twice the system of penalties and interests for the delay of fiscal payments.

« The numerous and unannounced changes make the Romanian fiscal system seems unreliable and harm the business environment » the tax manager with Ernst&Young Romania said. The best example for this is the increase of the VAT from 19% to 24%, process which was made over night.

The potential investors cannot build a business plan for medium or long term in Romania, not even for short term, so that many of them postpone or annul their plants regarding the local market. The problem of fiscal impredictability could be easily solved, but there is the need of will. ' It would be desired that the changes on the fiscal system be approved in time ( at least 2-3 months before they come into force) by a single alteration with applicability from the start of the next year, so that taxpayers could prepare themselves' Cristina Clujescu said.

According to the provisions in the Fiscal Code, this can be modified and completed only by law, passed 6 months before the coming into force. ' Unfortunately, in practice this principle is not respected' Clujescu said. Only in the first eight months of this year there were almost 14,000 files for insolvency started. Approximately 30,000 companies out of the 90,000 existing in Romania are in insolvency.

Sursa: http://www.actmedia.eu

Tags: fiscal romania business invested impredictability young ernst those

Articole similare