The period during which the losses sustained in entrepreneurial activity can be reported will be increased from 3 to 7 years by excluding the equal spreading out of payments. Such provisions are contained in a bill to amend and supplement a number of legal acts, which was proposed for public debates and which results from the fiscal policy objectives for 2016, IPN reports.

According to the Ministry of Finance, the move is aimed at supporting the economic entities recoup their investments. This will positively affect the results of their financial-economic activity, including in agriculture. The incomes earned as recompense, reward and allowances by members of companies’ boards and of censors commissions will be classed by employers as salary and income tax will be paid on them according to the general norms.

The draft fiscal policy provides that the VAT, customs and excise duties will be refunded only for clearing the debt of the taxed subject that possesses a decision concerning the refunding of the VAT, excises and import duties or the future obligations to the national public budget of this. The refunding of the VAT, customs and excise duties for clearing creditors’ debts will not be allowed.