The voice of the entire
Upstream sector in Romania

The new fiscal framework preserves investment barriers

Compared to the draft adopted in June, the new Tax Code contains a number of amendments which involve a gradual relaxation of taxes. Oil specialists are unhappy that the new Tax Code contains no provisions that encourage investment in energy, and disregards the world crisis of oil already affecting the global energy sector.

"Operated by the government, the fiscal loosening, otherwise required, is based solely on consumption. The new Fiscal Code brings nothing more than a reduction in VAT and retain all charges that are considered investment barriers: the tax on special construction, the level of labor taxation, keeping the tax on dividends unchanged is not helping the private economy”, said Daniel Apostol, economic analyst and Secretary General of ROPEPCA oil association for Radio Romania Actualități.

 

Reducing taxes and rethinking the tax system after the British model are measures that would protect the Romanian economy amid falling of international oil prices by 60%, said a number of business representatives on the day the amendments to the Tax Code.

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