LAW No. 54 of 1 June 1992 concerning tax on the amounts derived from the sale of assets of companies with State equity ISSUER PARLIAMENT Published in MONITORUL OFICIAL NR. 119 of 4 June 1992, the Romanian Parliament adopts this law.
Article 1 holding companies and sold assets, such as defined by the law on privatisation of companies no. 58/91 and the Government decision No. 634/1991 approving detailed procedures for sale of assets of companies with state capital, are obliged to pay tax on the amounts derived from the sale of them.
Article 2 the tax shall be calculated by applying the quota of 20% on the amounts derived from the sale of assets. Where, through the application of this tax, the price of shares obtained through the auction would reduce below the updated accounting according to influence prices and depreciation of the assets sold, the tax reduction is calculated so that this value remain unchanged.
Article 3 shall be exempted from tax provided for in this law in the case of asset sales when the price of the tender is situated on or below the value of updated accounting according to influence prices and depreciation of the assets sold.
Article 4 the tax on amounts derived from the sale of the assets of the spill from the State budget, within 5 days from the date of receipt of the price of the assets.
Article 5 Obligation of calculating and liability for payment of tax within incumbent companies who owned the assets sold.
Non-payment of sums due to the State budget, the time limit prescribed under art. 4, entail payment of an increase of 0.1% of the amount due for each day of delay.
Article 6 for the transcription, respectively, to tabulation of the State notary system of the right of ownership of the assets sold by companies with state capital is due to the stamp duty prescribed by law.
Article 7 tax Procedure applicable in the case of amounts derived from the sale of assets of companies with state capital is that laid down in law No. 12/1991 concerning profits tax, if this law does not provide otherwise.
Article 8 entry into force of the present law shall repeal the Government decision No. 782/1991 concerning income tax amounts derived from the sale of assets of companies with state capital.
Article 9 the provisions of this law shall apply as of the date of publication in the Official Gazette of Romania.
This law was adopted by the Senate at its meeting on 27 May 1992, in compliance with the provisions of art. 74 (2) of the Constitution of Romania.
Academic SENATE PRESIDENT ALEXANDRU BÂRLĂDEANU this law was adopted by the Chamber of deputies at its meeting of 27 May 1992, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
PRESIDENT Of The CHAMBER Of DEPUTIES MARTIAN D — — — — — — — — — — — — — — — — —