FIC says Romania needs ‘durable’ economic growth

Newsroom 14/02/2014 | 15:51

The Foreign Investors’ Council, the business advocacy group, suggested the country’s priority should be securing a durable economic growth, during a roundtable aimed at outlining measures that support Romania’s economic expansion.

The FIC, which has 118 multinational members with an investments stock of EUR 35 billion, reckons Romania has benefited by a spike in external demand, translated into higher exports.

The taxation regime was a central topic in the event, which was attended by Dan Manolescu, state secretary at the Ministry of Finance. He reiterated the fact that the new Fiscal Code should be approved in Parliament this October. Manolescu added the tax for special constructions will be based on the net fiscal value of the construction.

Authorities are also looking to cap social contributions, which would be correlated with the basic package of healthcare services, which is still under discussion at the Ministry of Health, according to the state secretary.

Serban Toader, president of the fiscal group at FIC, said that fiscal measures impacting the business environment require a proper consultation process and a higher degree of transparency.

According to Daniel Anghel, co-president of the fiscal group at FIC, said the business environment needs stimulus measures and not new taxes.

“Progress has been registered at the fiscal-legal level through the regulation of holding companies, the rescheduling of VAT payments of import for authorized companies or the introduction of the option VAT cash accounting system.”

However, he added the special constructions tax and the new fuel excise have annulled the effects of the positive measures enforced last year.

The FIC said that streamlining public sector expenditure and the activity of state companies is key for maintaining the deficit in place and preventing the roll out of new taxes.

Ovidiu Posirca

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