Retailers ask for Fiscal Code change

The main retailers operating in Romania have established an association and are requesting the Finance Ministry to change the Fiscal Code. The Ministry has agreed with part of the proposed modifications, which are due to be implemented starting January 1st, 2005, after being endorsed by Parliament.

Retailers are asking for the introduction of anticipated VAT reimbursement, final tax controls, tax compensations at the company headquarters, not the territorial units and a cut in the fees levied by banks for card transactions.

General managers and chairmen of companies such as Cora, Flanco, Mobexpert, Selgros and Bricostore on Wednesday submitted their point-by-point proposals for to the modification of the Fiscal Code to Finance minister Mihai Tanasescu, to Maria Manolescu, a secretary of state with the Finance Ministry and to other Ministry members.

Their proposals include the introduction of a system of anticipated VAT reimbursement, which means that the Exchequer should return the money it owes to the companies before the tax control is completed.

Finance Ministry representatives largely approved of the respective proposals. “We have taken notice of all the observations and suggestions and we will immediately set to work on the modifications to be brought to the Fiscal Code. We will continue to hold similar talks with the business environment in the future, so that, by the end of April or in early May we should be able to come up with a new form of the Fiscal Code to be submitted to Parliament for approval, so as it should come into effect in 2005,” Tanasescu stated.
georgiana.stavarache@zf.ro