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Deloitte: Companies must exploit support measure adopted by government and fulfill their obligations
Companies must exploit to the maximum the support measures adopted by the government and fulfill their obligations, if they can do it, because any additional income to the state budget can represent an impulse to restart economy, analysts of the consulting and audit company Deloitte say.
“Negative effects of the world pandemic and of setting up the emergency state are strongly felt by Romanian companies. In such times, reaction time is essential and one of the handiest levers is fiscal facility,”says Maria Pascu, Direct Taxes Senior Manager, and Anca Preda, Direct Taxes Senior Consultant , Deloitte Romania.
The document includes the main fiscal measures adopted by the government until now for the tax on profit, with impact for companies.
“Companies which applied the anticipated payment system until now can go to a real calculation system for the tax on profit. This measure helps companies with drastic profit drop that do not have financial sources to back quarterly payments to the tax on profit account at the level of results obtained in 2019. Practically, these companies will pay tax on profit according to real results obtained in 2020 or will not pay at all if they have losses during a quarter,”the press release shows.
The mentioned document refers to the delay of tax payments versus payment stimulation.
“Applying this bonus can lead to difficulties in reconciliating the fiscal chart, if there are unpaid taxes in the previous period for those who delayed paying other taxes, in the context of measures set up during the pandemic, Deloitte Romania analysts say.
According to them, tax payers who, in case of stopped activities do not temporarily use a part of fix means, they could go into conservation with the preservation of their fiscal value. This recommendation comes in the context in which there is a risk of later talks, during fiscal controls about the deductability of certain active stocks when they are not used in economic activity.
Mention should be made that the application of this regime depends on the accounting policy adopted. So companies must first of all review accounting policies in the given context.
For the HoReCa domain the obligation to pay the specific tax for the period of interrupted activity was abrogated.
“We must not forget fiscal facilities granted for sponsorship and additional deductions or tax exemptions for investment activities, applicable for companies which intend to reconvert their investment activity, for instance toward the manufacture of medical or protection equipment. Therefore, in the present context, companies must best exploit support measures adopted by the government and at the same time fulfill their obligations because any additional income to the state budget can represent an impulse to restart economy,” the press release shows.