Fiscal Code comes with deductions

The Fiscal Code draft to be enforced as of next year keeps a number of incentives and introduces a series of additional deductibilities for the profit tax payment, VAT cuts for medicines and the unification of all normative acts regulating excises. Finance minister Mihai Tanasescu on Wednesday said this normative act included 85-90% of the taxes and charges in Romania. Customs duties were left out, as they are part of the Customs Code. “The document is the only Fiscal Code in the last 14 years and I may very well call it a financial Constitution. It is one step forward and ensures the predictability required by the fiscal system,” Tanasescu added. According to the minister, there is room for improvement in the Fiscal Code, which will see modifications every year. He explained, however, that any change in provisions would be announced at least six months before the actual enforcement. ZF