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The practice of gambling in 2022
Practical aspects related to the preparation and submission of the annual financial statements, of the organizers of gambling, for the year 2021
Article from the series “Gambling practice“, by Anchidim Zăgrean, President of ROMBET
Gambling organizers, like all economic operators, are obliged to comply with the provisions of the applicable accounting regulations regarding the preparation and submission of annual financial statements, before the deadline provided by the accounting law, respectively before 150 days from end of the financial year. In order to comply with and enforce the legal provisions, gambling organizers must carry out a series of accounting and tax operations in order to ensure that the annual financial statements contain all the synthetic information necessary to provide a true and fair view of their financial position. financial performance and other information related to the activity carried out. To this end, it is important to: carry out a general inventory of items such as assets, liabilities and equity held at the beginning of the business, at least once during the financial year; determine the final result for the financial year, cumulated from the beginning of the financial year, by closing the income and expenditure accounts at the end of the financial year; prepare annual financial statements; submits the annual financial statements to the territorial units of the Ministry of Public Finance, within the legal term, after their approval by the general meeting of shareholders or associates. Also, in order to finalize the operations necessary for the preparation and submission of the annual financial statements for the year 2021, the organizers of gambling must make a series of adjustments and financial-accounting treatments, among which we mention:
1. Correction of the tax returns, related to the year 2021, as a result of the regulations adopted for the alert period and according to which the gambling activity has been prohibited or restricted. As a result of these changes, in determining the level of tax burdens, the taxes declared and due must be recalculated and adjusted and then recorded in the accounts, by rectifying the expense accounts. The level of these expenses must be in accordance with the new obligations, established and due, according to the period in which the organizers of the gambling have been active;
2. The application of facilities or exemptions to the payment of corporate tax, provided by law, and which require a series of prior operations, such as:
A) Exemption from reinvested profit tax
Tax exemption on profit reinvested in: a) technological equipment, electronic computers and peripheral equipment, machines and appliances, control and billing, in computer programs, as well as for the right to use computer programs, produced or purchased, including based on the financial leasing contracts, and put into operation, used for the purpose of carrying out the economic activity; or b) in support of vocational-dual education by ensuring the practical training and quality training of students.
In the conditions in which this facility applies, in 2021, regarding the tax exemption of reinvested profit, the following rules must be taken into account:
a) the invested profit represents the balance of the profit and loss account, respectively the cumulative gross accounting profit from the beginning of the year, obtained until the quarter or in the year of commissioning of the assets. The income tax exemption related to the investments made is granted within the limit of the cumulative profit tax cumulated from the beginning of the year until the quarter of the commissioning of the assets, for the taxpayers who apply the quarterly system of declaration and payment of the profit tax. profit, calculated cumulatively from the beginning of the year of commissioning of the assets, until the end of the respective year for the taxpayers who apply the annual system of declaration and payment of the profit tax;
b) the exemption is calculated quarterly or annually, as the case may be. The amount of the profit for which he benefited from the profit tax exemption, less the part related to the legal reserve, is distributed at the end of the financial year or during the following year, with priority for the establishment of reserves, up to the accounting profit recorded at the end of the financial year. If at the end of the financial year an accounting loss is realized, the profit tax is not recalculated related to the invested profit, and the taxpayer does not distribute to the reserves the amount of the invested profit;
c) the taxpayers who benefit from this exemption have the obligation to keep in the patrimony the respective assets at least a period equal to half of the duration of economic use, established according to the applicable accounting regulations, but not more than 5 years. In case of non-compliance with this condition, the profit tax is recalculated for the respective amounts and ancillary fiscal receivables are collected according to the Fiscal Procedure Code, from the date of application of the facility, according to the law. In this case, the taxpayer has the obligation to submit the rectifying tax return;
d) the taxpayers who benefit from the tax exemption of the reinvested profit cannot opt for the accelerated depreciation method for the respective assets;
e) if a taxpayer applies the provisions of point B), by deducting from the profit tax the cost of electronic fiscal cash registers, then he no longer benefits from the exemption from the reinvested profit tax.
B) Deduction from the tax of the cost of fiscal electronic cash registers
Taxpayers paying income tax, regardless of the reporting and payment system, taxpayers paying income tax to micro-enterprises as well as taxpayers paying specific tax, who purchase electronic fiscal cash registers, deduct their acquisition cost from:
a) the profit tax due for the quarter in which they were put into operation, in case they owe quarterly profit tax, or from the annual profit tax, in case of taxpayers who apply the annual system of declaration and payment of the profit tax. The amounts that are not deducted from the profit tax, due to its insufficient value, are carried forward for the next 7 consecutive years. The recovery of these amounts will be carried out in the order of their registration, under the same conditions, at each term of payment of the profit tax;
b) from the income tax of micro-enterprises in the quarter in which they were put into operation, within the limit of the income tax of micro-enterprises due for that quarter and the amounts not deducted from the tax due, due to insufficient tax, shall be carried forward to period of 28 consecutive quarters. The deduction of these amounts from the tax on the income of the micro-enterprises due shall be made in the order of their registration, under the same conditions, at each term of payment of the income tax of the micro-enterprises;
c) from the specific tax in the year in which they were put into operation, within the specific tax due for that year and the amounts that are not low, due to the insufficiency of the tax level, are carried forward to the following year, for a period of 7 consecutive years.
Given that this tax facility is being used in 2021, it should be borne in mind that it is not possible to benefit from more than one tax facility for the same operation, therefore the acquisition or amortization expense becomes non-tax deductible, when calculating the profit tax.
C) Reduction of the tax for the stimulation and development of the Romanian capital and of the competitiveness of the economic operators
Taxpayers paying income tax, regardless of the reporting and payment system, taxpayers paying income tax to micro-enterprises as well as taxpayers paying specific tax benefit from reductions in annual income tax, micro-enterprise income tax or activity-specific tax, so:
a) 2%, if the accounting equity, presented in the annual financial statements, respectively in the annual accounting reports for the permanent establishments of the legal persons resident in states belonging to the European Economic Area, in the year for which it owes the tax, is positive. For the taxpayers who, according to the legal provisions, have the obligation to establish the share capital, the accounting own capital must simultaneously fulfill the condition of being at the level of a value at least equal to half of the subscribed share capital;
b) if it registers an annual increase of the adjusted equity of the year for which it owes the tax compared to the adjusted equity registered in the previous year and at the same time fulfills the condition provided in let. a), the discounts have the following values:
5% – annual increase in adjusted equity up to and including 5%
6% – annual adjusted capital increase of more than 5% and up to and including 10%
7% – annual adjusted capital increase of more than 10% and up to and including 15%
8% – annual adjusted capital increase of more than 15% and up to and including 20%
9% – annual adjusted capital increase of over 20% and up to and including 25%
10% – annual adjusted capital increase of over 25%
c) 3%, if it registers an increase over the level provided in let. e), of the adjusted equity of the year for which it owes the tax compared to the adjusted equity registered in 2020 and if it simultaneously fulfills the condition provided in let. a). The provisions of this letter shall apply from 2022, respectively from the modified fiscal year beginning in 2022;
d) where two or three of the reductions provided for in determining the amount of the reduction are applicable, the corresponding percentages shall be added together and the resulting amount shall be applied to the tax;
e) in application of the reduction provided in letter c), the percentage of minimum increase of the adjusted equity of the year for which it owes the tax compared to the adjusted equity registered in 2020 has the following values:
These reductions are provided in the Emergency Ordinance no. 153/2020 and is granted starting with 2022, based on the equity situation as of December 31, 2021
For the taxpayers of the profit tax, the reduction will be established on the basis of the annual declaration, regarding the profit tax, which will be submitted until June 25, 2022 inclusive, and this term also represents the maturity term of the tax. Also, June 25, 2022, inclusive, is the deadline for declaring and paying for micro-enterprises, for the tax due for the last quarter of 2021, as well as for payers of specific tax, for declaring and paying the tax for the second half of 2021. The postponement of the deadlines for the submission of statements and their maturity was necessary because the degree of capitalization is calculated on the basis of the annual financial statements, within 150 days from the end of the financial year. If the reduction for the fourth quarter for micro-enterprises or the reduction for the second half for specific taxpayers exceeds the level of the obligation, then the remaining difference is deducted from the obligations of previous periods and for which corrective statements will be submitted.
A bonus of 2% of the value of the payment tax (profit tax, micro-enterprise income tax or specific tax) is granted to companies that will maintain their positive equity at a level of at least half of the value of the subscribed share capital.
Bonus between 5% and 10% if you register an annual increase in equity adjusted compared to the previous year.
3% bonus is granted to companies that register an increase in equity for 3 consecutive years compared to 2020 and applies from 2022.
We return, in the following issues of the magazine, with other opinions on the activity of gambling…