Law No. 55 Of 1 August 1991 For The Amendment To Article 5 Of Law No. 12/1991 Concerning Profits Tax

Original Language Title:  LEGE nr. 55 din 1 august 1991 pentru modificarea articolului 5 din Legea nr. 12/1991 privind impozitul pe profit

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LAW No. 55 of 1 august 1991 for the amendment to article 5 of law No. 12/1991 concerning profits tax the ISSUER published in PARLIAMENT OFFICIAL GAZETTE NR. 167 of 14 august 1991, the Romanian Parliament adopts this law.

Sole article article 5 of law No. 12/1991 concerning profits tax change and will read as follows: ART. 5.-taxable Units established since 1 January 1991 are exempt from profit tax, as follows: a) industry, farming units and construction for a period of 5 years from the date of establishment;

b) establishments in the field of exploitation of natural resources, communications and transportation, for a period of 3 years from the date of establishment;

c) units providing services for a period of 1 year from the date of establishment;

d) establishments with commercial profile for a period of 6 months from the date of its creation.

Small businesses and profit-making associations established according to Decree-Law No. 54/1990, until 31 December 1990 qualifying for exemption under point (b). a), b), c) and (d) above) since 1 month following the entry into force of this law.
The provisions of subparagraph (a). a), b), c) and (d)) of this article shall not apply to public corporations and companies with capital in whole or in majority State ".
This law was adopted by the Assembly of deputies at its meeting on 26 July 1991.
p. ROMAN ASSEMBLY of DEPUTIES PRESIDENT IDRIS this law was adopted by the Senate at its meeting on 31 July 1991.
p. SENATE PRESIDENT VASILE MOIŞ pursuant to article 4. 82 lit. m) of Decree-Law No. 92/1990 to elect the Parliament and President, promulgăm law on modification of article 5 of law No. 12/1991 concerning profits tax and we have its publication in the Official Gazette of Romania.
ROMANIAN PRESIDENT ION ILIESCU — — — — — — — — — — — — — — — — — —