The fiscal policy does not have too many instruments at its disposal to provide incentives for companies in a time of financial crisis, but extending the deadline for VAT payment and the profit tax could be a solution for companies, says Emilia Dragu, a partner with TaxHouse. TaxHouse, a part of international network Taxand, is a fiscal consultancy, with turnover worth 1 million euros. "In the context of the current crisis, payments to the general consolidated budget are expected to decline following the lack of liquidity. Instead of resorting to compulsory execution, there is a way for the state to help companies. An analysis should reveal how much the deadline can be extended for paying taxes from yet uncollected receivables," explains Emilia Dragu. "There are cases in which companies have to pay debts to the Fiscal Authorities, based on revenues they haven't collected yet; especially in this time of crisis, when payments to suppliers are late, and companies are trying to extend deadlines as much as possible in order to keep the little liquidity they have flowing within the company.
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