Is it fair that such an important amendment in tax law to be announced one week before it is passed? What is the state offering in return for this new tax? Why do small businesses always have to bear the burden? Why do you have to eat a small fish to become big fish? How much money the new poll tax will feed into the state budget? These are only few of the questions sent recently by Wall-Street readers.
So far, the minister of finance has come forward with a mere projection of the revenues expected to be fed into the state budget after the enforcement of the poll tax: 350 mln lei in 2008.
“The purpose of introducing the poll tax was not to replace a volatile tax grid with a governable one. Therefore, we aim at discouraging companies who don’t pay their tax liabilities. (…)For 2009, given that we are referring to the past seven months, the additional revenues top 350 mln lei”, said Gheorghe Pogea at a media briefing after the Government’s meeting on Saturday.
The government passed the Emergency Ordinance on 2009 budget revision and the regulation of various fiscal-financial measures on the introduction of a minimum tax starting May 1, 2009, of 2,200 lei annually.
All the amendments to the Fiscal Code passed on Saturday by the Government allow an increase in state revenues by 1.32 bln lei (315 mln euro) this year, of which 350 mln lei being fed by the new poll taxes, sources in the government said.
In default of these additional measures, this year’s state revenues projection would be revised downward by roughly 20 bln lei. The new measures, however allow a mere 18.8 bln lei decrease against the initial budget plan.
Adjustment of the budget by 1.1% of GDP
The minister of finance said the revision would adjust the budget by roughly 1.1% of GDP, which entails a 0.85% cut in expenses and 0.25% increase in wages. The budget projection indicates, without this adjustment, a further deepening of the budget deficit to 5.7% of GDP this year.
According to the draft law, the companies with a turnover within 0 and 52,000 lei range (nearly 12,000 euros) are due to pay a minimum annual share of 1.467 lei (341 euros) or 183.3 lei per month as of May 1.
The businesses with annual turnover within 52,001 and 215,000 lei range (50,000 euros) will pay a minimum corporate tax of 2,867 lei and 4,300 lei (1,000 euro) in 2010. The companies closing year with a turnover between 215,001 and 430,000 lei (100,000 euros) will pay 4.333 lei this year and 6,500 lei as of next year.
If turnovers range between 430,001 and 4.3 mln lei (1 mln euros) the tax liabilities will amount to an annual 5,733 lei in 2009 and 8,600 in 2010, while for turnovers between 4,300,001 and 21,500,000 the corresponding tax will be 7,333 lei and 11,000 lei in 2010.
Companies with a turnover in the range of 21,500,001 and 129,000,000 lei (30 mln euro) will be due to pay 14,667 to the state budget and 22,000 lei in 2010, while companies above 129 mln euro will pay a poll tax of 28,667 lei and 43,000 as of next year.
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