Romania’s new fiscal code to be passed by autumn in Parliament, says official

Newsroom 29/01/2014 | 13:19

Authorities will restart working on the new fiscal code in the following months, after discussions were halted last year over new taxes, said Dan Manolescu, state secretary at the Ministry of Finance on Wednesday during the fiscal conference of professional services firm EY.

The new code was supposed to be completed last year and be enforced starting this January, alongside the new fiscal procedure code. Specialists at the Ministry of Finance received support from business advocacy groups such as AmCham and the Foreign Investors’ Council, which established task forces to contribute on the new code.

“Unfortunately this had to be delayed as a result of discussions last autumn on the tax on special constructions, excises, etc. This does not mean we gave up this idea. We want to restart the process in a few months and we want the rewritten code to be approved in Parliament this autumn,” said Manolescu, quoted by news portal www.hotnews.ro

Specialists say the new code should fix various ambiguous provisions and make it more accessible for tax payers. Romania got the first fiscal code in 2003, which has been heavily amended. Representatives of foreign investors have constantly warned that the uncertain fiscal framework dents the country’s attractiveness for investors, which want clear and predictable rules.

Ovidiu Posirca