The Government needs to be much more transparent when elaborating draft laws and emergency ordinances in the fiscal sector, because otherwise it ends up having to change them within just a few weeks because they prove inapplicable, said participants at the seminar "The impact of the new fiscal modifications on the business sector," held yesterday in Bucharest, and organised by Ziarul Financiar in partnership with consulting and audit firm PricewaterhouseCoopers.
The economic crisis, which led to a drastic cut to budget revenues, prompted the state to make brutal changes to the fiscal legislation this year, with the biggest impact on the business sector being the VAT hike from 19% to 24%.
PricewaterhouseCoopers experts say in a first stage the state collected more budget revenues (VAT collections rose by 47% in August 2010 against August 2009), but that later, the fiscal "blows" dealt to the business world will lead to lower revenues collected, despite the tax increases.
"There have been as much as three laws and six emergency ordinances introduced in the fiscal sector over the last six months, starting in March, with the postponement of the application of the advance payments system, and ending with the cancellation of the minimum tax in October," said Ionuţ Simion, fiscal consulting partner at PricewaterhouseCoopers.
The Government needs to be much more transparent when elaborating draft laws and emergency ordinances in the fiscal sector, because otherwise it ends up having to change them within just a few weeks because they prove inapplicable, said participants at the seminar "The impact of the new fiscal modifications on the business sector," held yesterday in Bucharest, and organised by Ziarul Financiar in partnership with consulting and audit firm PricewaterhouseCoopers.
The economic crisis, which led to a drastic cut to budget re
