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The financial blockage, which crushed the local economy during the first 15 years of capitalism, is felt again due to the effects of the economic crisis. The state is a major contributor to the "burial" of the firms, by not returning the VAT within the legal period.
More and more companies find it difficult to fund their activity: they have to pay for raw materials, utilities, salaries, taxes... They don't have cash, all they have is a pile of unpaid bills from different partners that are in the same situation. Companies are blocked even by the state by not refunding the VAT.Even though the Government states it would do all the possible things to help the companies get over the crisis period, it actually uses this money because as a loan without interest rate.
VAT RECOVERED IN COURT
One of the companies that is dealing with a financial blockage this year as a result of the fact that the state did refund the VAT for products exported during August 2007 and December 2008, is the Romanian Star Refinery in Campina. No money for raw materials, workers sent on technical leave of absence and so on...
After several months of collapse, the company has found justice in Court. Elena Manoiu, Chairman of the Administration Board, announced yesterday that the Court ordered the National Tax Administration (ANAF) to repay the outstanding VAT of over 35 million lei, plus interest, following a process that begun last year.
TWO BILLION LEI DELAYS
The ANAF statistics show increasing debts for the firms in the "VAT Refund" section. Last month, the legal 45 days refund period has been abided by only in 35.5% of the total amount to be reimbursed. Although, at the beginning of the year, the Government said they would pay the state debts to the companies in order not to block their activity, at the end of May 2009 the value of the late VAT refunds reached 1.937 billion lei. In comparison, the debts reached 1.757 billion lei in April and 1.55 billion lei in February. It is noteworthy that the VAT delays of over a year rose to 116 million lei, 47% more than in April.
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