Présentation de l'information financière concernant l'impôt sur les bénéfices et la transition aux IFRS en Roumanie

The transition to IFRS in Romania, in the separate financial statements (in 2012) led to the application of new rules in the accounting for income tax. We found significant differences between accounting and taxable income, which can suggest a trend towards more de facto disconnection between accounting and taxation. Deferred tax liabilities are more present than deferred tax assets in the listed companies' balance sheet, even if the weight of these liabilities is less important that the weight of the deferred tax assets. The effective tax rate (calculated in three ways: with total tax, current tax and cash paid tax) is, in most cases, higher that the Romanian statutory rate. As expected and consistent with several previous studies, fixed assets are the main source of temporary differences and, thus, of deferred tax assets and liabilities.