Fiscal Policies Review, February 13-19, 2018

Fiscal Policies Review February 6-12, 2018
During the Government Sitting of February 8, the Executive adopted an Emergency Ordinance which proposes that the State budget covers a share of the social contributions levied on natural persons that are exempted from income tax (health insurance for IT employees, people with disabilities, part-time contracts). FinMin Teodorovici presented the GEO as a means of avoiding employees having to cover their own social contributions situation which lowered their net wages and in some cases led to negative wages. On Feb. 7, president of Cartel Alfa Union, Bogdan Hossu, announced that he will notify the Ombudsman to attack the GEO transferring contributions for employer to employee, which discriminates against part-time employees.


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Fiscal Policies Review, January 29 - February 5, 2018
Last week’s fiscal domain was dominated by Form 600 (revenues other than wages). On January 31, the Gov’t adopted EO 2/2018 postponing the submission deadline until March. FinMin Teodorovici announced a new version for Form 600 that would reduce bureaucracy. PM Dăncilă (Feb. 4) gave a new deadline, March 1st, for the new Form replacing the current one. This new form is also going to be adopted through an Emergency Ordinance, raising the number of EOs needed for this single form to three (so far). Deputy PM Viorel Ștefan (Feb. 5) announced that those who did not submit Form 600 (no longer mandatory after GEO 2/2018), benefit from healthcare insurance, a measure which will be implemented through yet another GEO. Viorel Ștefan also announced that the bill on establishing the Sovereign Fund will be adopted this summer.


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Fiscal Policies Review, January 22 - 29, 2018
The updated version of the Government Program had mostly to do with postponing, eliminating, or recalculating deadlines. The Economic Code is to come into effect six months after being adopted in Parliament, with the previous deadline of July 1st 2018 being eliminated. While VAT is to drop to 18% (Jan 1st 2019), VAT for agricultural inputs and residential transactions is to drop to 5%. The Sovereign Fund is still on the table (see the calendar on the left), while the updated version presents a new way of raising minimum wages: +RON 100/year until 2020. The deadline for the establishment of the Development and Investment Bank has been eliminated. The Tax on Global Revenue is on the table, however without a deadline. With regards to VAT ceilings, the Program reads: “We will raise the ceiling for VAT payments from RON 220,000 to RON 300,000” (page 29).


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Special Political Report - Proposed Government, January 29, 2018
The Parliament was summoned in an extraordinary session for Monday, January 29, to validate the new Government proposed by PSD-ALDE ruling majority. Proposed Ministers' hearings are to take place from 08:00 to 14:00. Next on the agenda, starting with 15:00, the designated PM is to present the Governing Program 2018-2020 and the list of ministers, followed by debates and the investiture vote in the joint plenum. 


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