Tax Exempt For Reinvested Pft To Be Enforced As Of 2010 - Romanian Fin Min

Romania will approve the tax exemption of the reinvested profit through an emergency ordinance that will amend the Fiscal Code, but the measure will come into force as of January 1, 2010, Finance Minister Gheorghe Pogea said Thursday.

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"We will have a new Fiscal Code until March 31. The tax amendments will be enforced as of 2010. As for the Fiscal Code, the measures will be enforced in at least 6-month period, as scheduled," Pogea said at the end of the Government meeting.

Prime Minister Emil Boc also said the tax exemption of the reinvested profit and the compensation of the value added tax with the country’s reimbursements from VAT, two of the anti-crisis measures, will be approved by emergency ordinance at the Fiscal Code amendment.

Pogea corroborated the VAT compensation procedure will be enforced in 2009.

The authorities said the budget will face a 3.44 billion lei (EUR1=RON4.2314) shortage in revenues following non-taxation of the reinvested profit, namely 0.59% of the GDP.

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