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The minimum tax will be eliminated come fall. Real lump sum taxation will then be introducedUpdated: 18-07-2010 | Financial and Banking

The tax burden of companies will get a bit lighter come fall, once the minimum tax is eliminated, promise both Prime Minister Emil Boc and Minister of the Economy, Adriean Videanu. They have yet to mention if the current tax will be replaced with lump sum taxation. At the same time, the Prime Minister has announced that the flat tax rate will not be changed, because progressive taxation would not raise state budget income. "The minimum tax will be eliminated come this fall.

We have long since evaluated and said that this minimum tax has produced the effects desired and it will be eliminated come this fall", stated Boc, at the launch of the "2010 White Paper of SMEs in Romania". The measure could be applied October or November 1st, says Videanu, who added that the Ministry of Finance has done its calculations. The minimum tax was introduced May 1st 2009, and varies between 2200 Romanian Lei p.a. (the equivalent of roughly 500 Euro) for companies with a turnover of no more than 52,000 Romanian Lei and 43,000 Romanian Lei p.a. (approximately 10,000 Euro) for companies with a turnover of more than 129 million Romanian Lei.



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