RSS
PwC: Ministry of Finance could collect RON 6.2 B from minimum turnover tax
The Ministry of Finance could collect an additional RON 6.2 billion to the state budget by applying the minimum turnover tax, Daniel Anghel, Partner, coordinator of tax and legal services at PwC Romania, said on Friday.
"Of all the changes, I would say the most important is the minimum turnover tax, which, as you can see, will have the biggest impact. It's an estimate I made together with my colleagues. You heard, the taxation of turnover is an almost non-existent practice in developed countries, precisely because the size of the turnover does not automatically mean similar profits. Profit margins differ, obviously, from one economic sector to another, but also depending on the economic context. According to our estimates, you see, there will be 756 companies eligible to pay this turnover tax, 20 of which are credit institutions, and 335 companies would continue to pay 16% profit tax. The amount we estimate that the Ministry of Finance will collect as an extra by applying this tax, will be RON 6.2 billion in addition to the state budget", said Daniel Anghel, at the "Get ready for the fiscal new wave" conference, organized by PwC Romania.
He mentioned that these estimates take into account only the balance sheet figures of the companies, as they were published in 2022 on the website of the Ministry of Finance, not the total revenues provided by the draft law, which, in certain situations, can be even higher.
According to the representative of the consulting company, the turnover tax, as well as the consequences we can expect, will slow down the rate of economic growth in a volatile context anyway. It discourages investments, especially those undertaken by companies in the short and medium term.
According to him, we have a collection that, unfortunately, places us at the bottom of the ranking in the European Union.