Foreign investors no longer need a fiscal representative to trade on BVB

Newsroom 24/06/2014 | 12:13

The Government amended the Fiscal Code on Monday, eliminating the obligation of non-residents registering with a local representative, on the condition that the non-residents are originally from a EU member state or a state that Romania has a convention with that allows information trading, writes Mediafax.

Until recently, any foreign investment fund that traded shares on the Bucharest Stock Exchange (BVB) was obligated to have a fiscal representative on the payroll, an expense of up to a couple of thousand euro per month and another factor that added to BVB’s lack of appeal.

Also, the government has introduced in the new Fiscal Code the possibility of electronic communication between the taxpayer and the fiscal authority for different procedures and requests.

These amendments come as a result of several proposals made by the work group Great Barrier Shifts.

The Financial Supervisory Authority has also promised to reduce the quota it deducts from the buyer for financial instruments from 0.08 percent to 0.06 percent starting with September. The financial institution has also eliminated the RON 10.000 commission perceived for producing an official permit on matters questioning laws and regulations.