The Romanian private sector must observe a stricter financial discipline, because 90 pc of the losses registered in the economy are generated by this sector, state secretary with the Ministry of Public Finance (MFP) Liviu Voinea said yesterday during a conference organised by Deloitte Romania, quoted by Agerpres. The MFP official mentioned that the measure of charging the VAT when the invoice is paid, which will come in effect as of 2013, will implement financial discipline in the private sector and will eliminate the double standard, because one cannot demand only the state to be a good payer and observe the financial discipline, while the private sector is a state within a state. Voinea added that among those who will lose from the enforcement of the new VAT system are the big and strong companies, which used to negotiate with providers long terms for paying invoices. On the other hand, the winners will be the small companies and SMEs, which were indirectly crediting the state until now, as now they will practically receive a zero-interest loan from the state. Those who resorted to tax evasion will lose, too, because they will be allowed to demand the repayment of the VAT only after they pay the entire invoice through the bank.
