The Ministry of Finances has issued a document according to which defines the expected losses that will be recognized for fiscal purposes by predicting the regulations for the expected losses, damages and wastes during the production, storage and transportation, ect., which will be recognized for fiscal purposes.
The official statement of the Ministry in relation to this change says that “the Ministry of Finances has proposed to the government and has approved in the last meeting the decision in compliance to the legal obligations of the law “For the tax on profits”, changed, and the creation of a sublegal framework for the recognition as a deductive expenditure.”
In other words, the law predicts that the expected losses, damages and wastes during the production, storage and transportation, will be recognized as deductive expenditures for effects of the tax on profits calculation. For products that are subject of excise the law predicts that they will be allowed, based on the definitions of the certain decision of the excise tax.
For producing industries which use fuel during the production process, the regulations of the raw fuels which are used during the process will be allowed, according to the latest changes. Regarding the looses during the production process for which there are no special legal or sub legal acts, the amount and the allowed value of them will be calculated and evaluated by tax inspectors, based on the technologic cards or schemes of the production process.
News source: Dita
Photo credits: Wikimedia
Leave a Reply
You must be logged in to post a comment.