Tax holiday blues
Companies may rejoice at a new Government tax holiday, but the small print reveals they may instead be paying a higher price than they hoped for, writes Alexandra Pehlivan September 2009 - From the Print Edition
This summer Romania’s Government launched a new law allowing companies without debts and who pay taxes on time to postpone, for six months, all their tax payments, including the new and controversial turnover tax.
At first glance this seems to bring breathing space to companies facing short-term cash problems, but the restrictions imposed on the ‘tax holiday’ are so high that many companies may end up paying a far greater financial penalty than they had anticipated.
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