Petrom paid 55m euros to fiscal authorities last year

Petrom, the biggest company on the Romanian market, last year paid 55 million euros as ruled by the National Fiscal Administration Authority (ANAF) after the tax authority found expenses registered as deductible in the company’s books, but which did not qualify as such.

“Last year, after the check of a petroleum company was finalised, the authority ordered that the company pay 55 million euros,” said Sorin Blejnar, ANAF chairman, quoted by Mediafax.
According to ANAF sources, the amount was paid by Petrom after the company registered certain expenses as deductible, which did not qualify as such.
“It was a routine check, with the ANAF representatives examining the company’s books over several years. Following these checks, certain deductible expenses were deemed as non-deductible by ANAF inspectors. The company decided to make the payment last year,” explained market sources, specifying that the amount did not affect the company, considering its big turnover.
Deductible expenses can be broadly defined as expenses deducted from revenues in order to calculate the taxable profit.