Progress Report on Fiscal Policies August 15 - 21, 2017
Data published on August 16 by the National Institute for Statistics show an accelerated economic growth for 2017’s second quarter, with a 5.7% growth compared to the same period in 2016 and a 1.8% increase compared to Q1 in 2017.  Data released by Eurostat later that day confirms INS’ numbers, and positions Romania as the European Members State with the highest economic growth at 5.7% compared to a n EU average of 2.3% (from an average of 2.1% increase for Q1).  


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Weekly Policy and Political Report August 15 - 21, 2017
The Parliament resumes its activity at the beginning of September, political parties and MPs alike announcing their agendas. Initially scheduled to be put up for debate on August 23, the legislative package that came to be known as the “Justice Laws”, amending the Civil and Criminal Codes, was rescheduled for September 1st. As the legislative package will most likely include new rules for abuse of power it is expected that the Draft Bills further polarize political parties in Parliament.


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Progress Report on Fiscal Policies August 7 - 16, 2017
One of the main subjects of past week was the Draft Ordinance for amending and supplementing Law No. 227/2015 on the Fiscal Code, which was put up for debate by the Ministry of Public Finances on August 7. Apart from proposed changes of the Fiscal Code, the transfer of social contributions entirely to employees continues to raise concerns. On August 10, the National Union Bloc (BNS) issued a press release demanding the Government to reconsider this proposed change on social contributions.  


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Weekly Policy and Political Report August 7 - 16, 2017
Changes in taxes, be they social and healthcare contributions, child-rearing allowances, or higher excises on fuel passed by a Government that championed the idea of fewer and lower taxes while raising the wages put the ruling coalition in a tight spot. As expected the political opposition targeted the PSD-ALDE Government on account of the Executive passing rather ill-planned fiscal policy.


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Progress Report on Fiscal Policies August 1 – 7, 2017
Matters that have already been discussed by the ruling coalition continue being of high interest and lead to further discussions. Pillar II pension funds, social contributions, or VAT payments (split VAT) were addressed by FinMin Ionuț Mișa, fiscal advisors as well as politicians from the ruling coalition (PSD & ALDE).   On August 1, the Chairman of the Association for Privately Administered Pensions in Romania (APAPR), Iulius Postolache said that Pension Pillar II recovered the decline in total assets of RON 23.28 mln recorded in June due to volatility of shares traded on the Bucharest Stock Exchange. 


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