Fiscal Policies Review April 16 - 23, 2018
On April 20, SGG put up for debate the Draft Bill approving the long-term National Strategy “Romania 2040”. The Draft Bill proposes the creation of a Committee tasked with drafting the Long Term National Strategy Romania 2040. The Committee is chaired by the President of the Chamber of Deputies and active in the interval June 1, 2018 - June 1, 2019. Macroeconomic data are provided by the recently reorganized Committee for Strategy and Prognosis.             The same day, SGG put up for debate a draft GEO on the Public-Private Partnership (PPP). The proposed Ordinance replaces “public-private partnership project” with “public-private partnership contract”. Changes aim to regulate the possibility of entering such a partnership, to clarify the concept of financial clearance, to restrict the partnership in certain circumstances, to establish a special fund related to the financing of such type of projects of strategic importance and to eliminate overlapping legislation concerning public procurement.             On April 18, the Senate adopted the draft bill on establishing the Sovereign Development and Investments Fund, reducing its portfolio from 89 companies to 23. Other changes brought by the Senate’s members fall in line with Eurostat requirements and GEO 109/2011 on Corporate Governance.


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Fiscal Policies Review April 10 - 16, 2018
On Monday, April 16, 2018, Government Resolution No. 209/2018 amending GR No. 957/2005 and placing the INS under the Government came into effect as it was published in the Official Gazette. Last week the Government adopted the Government Resolution during its weekly sitting, its adoption raising suspicions that the Gov’t would subordinate the activity of the Institute. Recently INS published a series of negative reports on the inflation rate, wage evolution and GDP growth rates. On Thursday, April 11, Minister of Public Finance Eugen Teodorovici announced that the pension transfer mechanism from Pillar II to Pillar I could be put up for debate with the Government by mid-2018. The mechanism would be an optional, transparent one, according to Teodorovici, who added that “in many fields the state proved that it cannot be a better manager then the private one”. With regards to EC’s Country report, Teodorovici cleared, on April 11, 2018, that by mid-April an answer containing data on keeping the deficit below 3% would be drafted, and submitted. On Tuesday, April 10, Eugen Teodorovici met with European Commissioner for Single Market Elżbieta Bieńkowska, and European Commissioner for Economic and Financial Affairs Pierre Moscovici to discuss on future “amendments and simplification of the legislation on public procurement” – with focus on public procurement centralization –, and on preventing and countering tax evasion.


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Fiscal Policies Review April 2 - 10, 2018
Tuesday, April 3, President Iohannis met with PM Dăncilă and Minister of Labor Lia-Olguța Vasilescu to discuss the effects of the Unitary Wage Law. The official press release issued by the Presidential Administration warns that the Law breaks the principles of predictability and equality. The press release was criticized by both members of the Government present at the talks with the President, minister Vasilescu arguing that the President was only trying to turn the public agenda around. The same day, PM Dăncilă was in Parliament at the request of the National Liberal Party (PNL). Dăncilă presented data on Romania's economic outlook, highlighting the 7% economic growth, the 2% in GDP spend on the military, and higher collection rates to the state budget. Both Dăncilă and Vasilescu dismissed the possibility that pay raises are unsustainable.


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Fiscal Policies Review, March 26-April 2, 2018
On March 29, the executive adopted a GEO which enforced some of the amendments the Senate adopted to GEO 79/2017 (social contributions transfer). Article 1 provides a turnover threshold of EUR 1 million under which companies can opt for either for tax on profit or on turnover. The Draft GEO also changes the income tax percentages that can be distributed to NGOs (up to 3.5%), excises on fuels and harmonized excises. The GEO (25/2018) was published in the Official Gazette on March 30.             On Wednesday, March 28, after talks with Commissioner Bienkowska apart from announcing that GEO 25/2018 was going to be adopted on Thursday, March 29, Teodorovici highlighted that the MFP analyzes the two Fiscal Codes "article by article" and discusses them with interested parties. By the end of June 2018, MFP is going to put up for debate the final version of the two Fiscal Codes.               On March 27, ANAF published a draft order on approving the design, provisions and other aspects of the Single Tax Statement (D212). The order was published in the Official Gazette on March 29. On the same day, FinMin State Secretary Tiberiu Mavrodin announced that experts within the Ministry are working on a single statment for legal persons, part of a series of actions aimed at relaxing fiscal procedures.  


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Fiscal Policies Review, March 19-26, 2018
According to press agency Mediafax, on March 22, FinMin Teodorovici stated that a new Emergency Ordinance amending the Fiscal Code would be put up for debate this week. MFP plans to pass through an EO the amendments the Senate brought to GEO 79 (social contributions transfer). Since the Parliament did not adopt GEO 79, the only way to amend the EO is by another EO. The most important change is the EUR 1 million cap below which companies can opt for a tax on their profits or their turnover. During the Government Sitting of March 21, the Executive adopted a draft emergency ordinance on establishing the National Committee in charge of the National Plan for the adoption of Euro single currency. According to the press release issued by the Government, the Committee has until November 15 to present a calendar for the transition to Euro. The National Committee will be managed by the Prime Minister and the President of the Romanian Academy (co-presidents) and BNR’s governor and a PM appointed deputy prime-minister as vice-presidents.


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