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| home / news / Tax Back International press release |
Tax Back International press release |
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| VAT recuperation from business expenses and protocol Bucharest, March 20, 2007 – Tax Back International in cooperation with Enterprise Ireland, the Trade and Technology Agency of the Irish Government, Romania- Ireland Chamber of Commerce organized together with Bucharest Chamber of Commerce and the Romanian Chamber of Commerce, at the Bucharest Chamber headquarters a seminar on "New opportunities for VAT refunding for Romanian companies after EU accession". In the seminar s opening Mr. Stefan D. Popa, president and general manager of Bucharest Chamber of Commerce and Industry (CCIB), made a short review of the present situation and of Bucharest s development perspective, of the Chamber s preoccupations as a business community representative to promote the suitable attitude between the government and the economic environment. "Today – he underlined – our attention is focusing on the concrete aspects to allow Romanian companies keep up with the single market competition. This seminar wants to answer to such necessities, tackling the very important and delicate VAT refunding problem." Beginning from the fact that until January 1st, 2007 Romanian companies were subject to restrictions concerning the number of countries from which they could recuperate the taxes on business and protocol expenses, the data obtained at this seminar are so much more precious coming from a country such as Ireland, an example of success in EU accession and which we should closely follow to insure the benefits which EU accession permits and promises, but doesn t guarantee, said Mr. Popa. Referring to the fact that we benefit of the presence of Minister Noel Ahern, CCIB president underlined: You ll have the possibility of finding out from the most authorized source the measures that Ireland, also known as the new Celtic Tiger managed to take in regards to VAT recuperation for a large palette of expenses including protocol. At the same time the minister will provide us with a message in regards to the Irish Government s preoccupations to support the private sector and the business environment, an example of how things should work in our country, in certain areas, this public-private partnership notion so much supported by the EU and so ignored by people we elected and voted for.” Noel Ahern underlined the importance in the national economy of companies active at an international level. "Ireland has a 40,000 Euro GDP per capita, a lot over the European average and an economic growth of over 5%. We owe this position to the EU membership, a good structural funds management, to the great professionals and a good communication in the public-private partnership", he added. Referring to the seminar s subject, Ionel Constantin, secretary-general for the Romanian Chamber of Commerce and Industry said: "Unfortunately we see that no matter the salutary rules, 80% of the companies don t reclaim the VAT payed abroad for expenses and protocol." Romania s EU accession offers Romanian firms the possibility of recuperating VAT or a large palette of business expenses and protocol. Because of the new changes in the fiscal law they have now the opportunity of substantially reducing business expenses abroad. Romanian firms can recuperate VAT on many services in 35 states, both from and outside the EU. |
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