Under this ordinance, advance tax payments that taxpayers must apply starting this year have been delayed until January 1, 2012.
Thus, companies that pay income tax, other than banks will still be obliged to calculate and pay income taxes quarterly, until the 25th of the month following the quarter for which tax is calculated.
As the minimum tax has not been repealed yet, in determining the income tax payable on quarterly basis (for quarters I – III) it is necessary to compare the result of applying the income tax rate of 16% to the minimum tax on taxable income, recalculated for the corresponding quarter, by paying the highest of them.
Important! In order to determine the minimum tax for 2010, there will be taken into account all the income in 2009 minus:
• income from stock variations;
• income from the production of tangible and intangible assets;
• operating income, representing the share of government subsidies and other resources for financing investments;
• income arising from the reduction or cancellation of provisions for which no deduction was granted, according to legal regulations;
• income arising from debt cancellation and increases due to state budget, which were not deductible expenses in calculating taxable profits, according to legal regulations;
• income from damages from insurance companies;
• non-taxable incomes, expressly provided for in agreements and memoranda approved by legislation.
In case the taxable period begins or ends during a quarter, the minimum tax is recalculated corresponding to the number of days in the quarter in question.
Unlike the previous year, in order to complete the tax due for the whole year, it is necessary to compare annual tax to the minimum annual tax. In case the taxable period begins or ends during the year, the completion of the tax requires the comparison for that period between the annual tax and the minimum annual tax recalculated accordingly for the same period.
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