Fiscal Policies Review, July 16 - 23, 2018
In an intervention for a national news station from July 17, FinMin Eugen Teodorovici said that the Executive will adopt measures on fiscal amnesty only if such measures prove to be helping the economy and if there will be no objections from the EC. Minister Teodorovici argued that out of the RON 100 billion total value of fiscal debt, only RON 17 billion are recoverable. Previously that day, sources within the Ministry of Finances, had spoken about the same conditions, adding that the measure will apply for companies and individuals who were in debt up until December 31, 2018. An article published by Focus Energetic on July 19, claimed that the legislative proposal for capping gas prices will result in the dismissal of Bogdan Chirițoiu, president of the Competition Council. Later that day, the Ministry of Public Finances retracted the draft resolution from their website, with FinMin Teodorovici explaining that the subject will be approached once again when everybody will be ready. On July 22, PSD leader Liviu Dragnea announced that the new Pensions’ Bill will be discussed by the Government this year, following to be implemented starting 2021. On July 23, PM Dăncilă presented an activity review of the first 6 months from the activity of her Cabinet. ·   The National Prognosis Committee revised downwards the 2018 economic growth estimation, from 6.1% down to 5.5%. ·   A press release issued by the Ministry of Public Finances on July 20, shows that ANAF had a 13.5% increase in budgetary revenue collection in the first semester of 2018, compared to the same period in 2018. ·   On July 18. State Secretary within the Ministry of Finances Attila Gyorgy answered an interpellation regarding the Sovereign Fund.   ARRIVED   A draft Government Resolution on approving the 2018 National Statistics Program was adopted by the Executive on July 17. GEO no. 73/2018 on amending GEO 109/2011 on corporate governance was adopted by the Government and published in the Official Gazette. The draft bill on approving the GEO was registered with the Senate.     DEPARTURES Law no.  177/2018 on correlating legislation with the changes implemented by GEO 79/2017 was published in the Official Gazette. Law no. 181/2018 on approving GEO 1132017 was published in the Official Gazette.    


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Progress Report on the Priorities of the European Commission, July 4 - 18, 2018
The Parliament ends the extraordinary session this week on July 19; this means that until either a new extraordinary sitting is called, or the autumn ordinary session begins, the Government cannot adopt Emergency Ordinances. The Gov’t scheduled one last Sitting during which it can pass Emergency Ordinances for Thursday, July 19, the last day of this summer’s extraordinary parliamentary session. There is a possibility that the Parliament is called in an extraordinary session at the end of August. Over the past couple of days national media outlets covered rumors according to which the Government prepares an Emergency Ordinance on pardoning and amnesty; the rumored GEO was labeled a “second GEO 13”. G4Media broke the news on Monday July 16 citing governmental sources according to which JustMin Tudorel Toader had a meeting with PM Dăncilă. G4Media’s sources argue that PSD’s Liviu Dragnea is pushing for the adoption of the GEO. The same day, Minister Toader also met with Senate Speaker Călin Popescu Tăriceanu (ALDE). Allegedly, Tăriceanu does not endorse the GEO.


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Fiscal Policies Review, July 9 - 16, 2018
During a talk show from July 11, PSD president Liviu Dragnea expressed his dissatisfaction with some of his colleagues who discussed the issue of fiscal amnesty (FinMin Eugen Teodorovici announced on July 6 that his team is working on a fiscal amnesty mechanism). The PSD Chairman argued that this proposal for a fiscal amnesty must be address only when fully drafted and understood. Dragnea argued that Romania needs more than a fiscal reconciliation, as it also needs a “general, political and social, pacification”. According to Dragnea, this need was caused by the “internal and external siege the country has been under in the past year.” After the National Union Block (BNS) released data on the results of the ‘fiscal revolution’, the Labor Inspectorate issued a press release informing that the results of an official campaign show that some 95% of Romanian employers fulfilled their obligations following the transfer of social contributions from employer to employees. On July 9, BNS held a conference on the effects of GEO 79/2017 (contributions’ transfer). On July 11, Minister of Finances Teodorovici announced that he wants to remove the measure which freezes individuals’ accounts, a measure which he considers to be aggressive.  ·   A press release issued by the Government informs that the European Commissioner for Budget and Human Resources, Gunther Oettinger, accepted the invitation for a visit in Romania, invitation launched by PM Dăncilă. ·   During the Government Sitting of July 12, the Executive decided to postpone the deadline for submitting the Single declarations to July 31. ·   July 13, FinMin Teodorovici attended a work meeting with representatives of Croatia and Finland in Brussels (2019 – 2020 EU Council trio). ·   July 12, FinMin Teodorovici signed the Common Customs Administration Charter.   A draft emergency ordinance on amending art. 1 of GEO no, 109/2011 on Corporate Governance was put up for public debate by the Ministry of Economy.   Draft bill on approving GEO 113/2017 was promulgated by President Iohannis.   Draft bill on approving GEO 103/2017 was promulgated by President Iohannis. Law no. 163/2018 on the distribution of dividends was published in the Official Gazette. GEO no. 63/2018 on postponing the deadline for submitting the Single Declaration was published in the Official Gazette.   Calendar Public debate on the National Strategy for Sustainable Development takes place on July 23, 10:00 – 13:00, at Victoria Palace.   MFP discussions on the Fiscal Procedure Code: July 17: Solving challenges against fiscal-administrative acts & Administrative cooperation in the fiscal field.   MFP discussions on the Fiscal Code: July 19: IFRS 9 July 18: Excises July 17: VAT  


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Fiscal Policies Review, July 2 - 9, 2018
Continuing the debate around capping lending, BNR Governor Mugur Isărescu said that the main factor which limits lending is legislative uncertainty, while he explained that fiscal stimuli cannot continue indefinitely. Isărescu argued that the Romanian economy and market are reasonable and that perceived excesses are coming from an excessive presentation and debate in the media. FinMin Teodorovici announced “harsh” discussions over the budget adjustment began this week. Deputy PM Paul Stănescu presented it as a ‘positive adjustment’, so that everybody has money at least for salaries. The current account deficit, higher expenditures & stagnating economy should raise concerns. A press release issued by the National Union Block on Monday, July 9, presents the evaluation of the effects the transfer of social contributions had over the past months. Below are some of the main points presented by BNS: -   Some 50% of Romanian employers modified work contracts, while 24% have not made any changes. -   On March 31, 2018, 41.13% of full time contracts had the value of the minimum wage. -   Some 1.2 million employees had smaller incomes, and more than 600,000 were in danger of having them diminished. ·  July 3, Ministry of public Finances published the minute from the first consulting session with business representatives over the Fiscal Codes updates. ·  July 16 is the deadline for submitting the Single Declaration. ·  The National Institute for Statistics confirms the 4% economic growth for 2018 Q1. ·  BNR published for public debate the Regulation regarding the institutions authorized to issue electronic currencies.   ARRIVED   On July 5, the Draft bill for the approval of the general annual account for the implementation of the state budget, of the annual account for the implementation of the Single National Fund of Health Social Insurance, and of the annual general account of the 2017 public debt was adopted during the Government Sitting, On July 5, the Government adopted Draft bill on approving the annual general execution account for the 2017 social insurances budget and for the annual general execution account for 2017 unemployment insurances budget.   DEPARTURES On July 9, ANAF Order no. 1627/2018 to amend the Technical norms regarding the registration for border purposes of economic operators and other individuals, approved through ANAF Order no. 1886/2016 was published in the Official Gazette. On July 3,ANAF Order No. 1494/2018 for approving the procedure for establish by default the contribution to the social insurance and social health insurance funds owed by individuals was published in the Official Gazette.   Chamber of Deputies The Committee for budget, July 9, is expected to issue a report for the Draft Bill on offshore exploitation (Joint report with the Committee for Administration).   Committee for Industries – report on Access Economy Bill.   The Committee for legal matters, July 9, is expected to issue a report for draft bill on approving GEO 54/2010 on fighting against tax evasion, and a joint report with the Committee for Industries on the draft bill regarding the private-public partnership.      


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Progress Report on the Priorities of the European Commission, June 27 - July 4, 2018
The draft Bill that amends the Criminal Code (Pl-x 406/2018) was adopted by the Plenum of the Chamber of Deputies with 167 votes in favour, 97 against and 19 abstentions. Representatives of the national minorities were the deciding factor in approving the draft bill, since several MPs from the ruling coalition were absent. Nine deputies from the national minorities voted in favour of the bill, thus securing and surpassing the 165-vote threshold required for the bill to pass. President Klaus Iohannis announced that he is to notify Constitutional Court over the Criminal Codes and that “all constitutional instruments are to be used to challenge these draft bills”. He added that PSD managed to pass the Criminal Code at a record pace through Parliamentary proceedings, with virtually no debate whatsoever. Former CCR President Augustin Zegrean sided with Klaus Iohannis, stating that “it is regrettable that it has come to this.”


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