PwC: supplementary tax will increase Romanian bank’s profit tax by up to 50%
The tax on profit paid by the Romanian banks will increase by 14%-50% as a result of the supplementary tax on turnover envisaged under the fiscal corrective package prepared by the Romanian government, according to a simulation carried out by PwC Romania for the ten largest banks.
The effective tax rate for some banks would reach up to 33% [of the gross profit], showed Diana Coroabă, PwC Romania Partner, Profit.ro reported.
Separately, the special taxation of banks compared to other companies raises questions about the concrete taxation of banking groups that include non-banking companies.
Coroabă anticipates that the supplementary taxation will be enforced for at least four years and not two to three years as announced by the government.
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