Constantin Coman, country manager Coface Romania, said business insolvencies will continue and even large companies are likely to go insolvent in order to start the restructuring process.
Iancu Guda, services manager Coface Romania, said statistics show that 82% of companies going insolvent in 2012 were micro-enterprises and the new Tax Code amendments indicate the sector of micro-enterprises is under pressure.
Coface representatives estimate an increase in the number of insolvencies in 2013, following Tax Code amendments.
The Romanian Government decided Tuesday to reduce the revenue ceiling for micro-enterprises, from EUR100,000 to EUR65,000, the equivalent in Romanian lei, and all private equity firms not exceeding this ceiling will have to pay a 3% tax on revenue obtained starting February 1, 2013.
In 2013, the companies paying tax on profit, whose turnover reached up to EUR65,000 on December 31, 2012, must also switch to this taxation system starting February 1. Newly-established companies will have to pay tax on revenue from the first fiscal year.
According to Coface, around 24,500 companies went insolvent in 2012, up 14% to 15% on the year, and most of them operated in the sectors of trade and distribution, construction and services.
The lowest number of insolvent companies was registered in the sectors of telecom and energy production and supply.