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Ministry of Public Finance wants to complete a draft law on taxation for the petroleum and mining industies by April

The Ministry of Public Finance aims to draft by April 2016 a proposal on the taxation law for the petroleum and mining industry, according to the Legislative Program of the Government for 2016.

Whital, by June 2016, a draft law will be finalized on combating tax evasion. The draft legislation will create a unitary legal framework which criminalizes the acts of tax evasion and tax fraud.

Finance Minister Anca Dragu stated ever since December that a draft law on royalties would be proposed for public debate in the first quarter of this year, which would enter into force in 2017.

"We wish that in the first quarter will be available for public consultation, for as long as is needed, not only one month, so that all stakeholders, all authorities, the Parliament, the civil society, employers, trade unions, investors have the opportunity to form an opinion on this law. We want in 2017 to have  a functional law and no longer work with prolongations", Dragu stated in December.

In this moment, royalties range between 3.5% and 13.5% to production, depending on the type of petroleum fields.

The royalties regime should gave been changed ever since last year, but the Government postponed by one year the preparation and implementation of a new legislative package.

Source: Hotnews.ro

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