Romania wants to increase royalties for mining and petrol activities

Newsroom 23/08/2011 | 13:47

The Romanian government plans to increase revenue from mining activities and petrol operations, according to a new draft law that will bring changes in the fiscal code.

The royalties will increase from 10 to 15 percent for crude-oil transport and from 3 to 5 percent for underground gas storage. Mining activities will also be affected, but no percentage has been specified.

The increase in royalty payments will bring an extra RON 117 million to the state budget, in the following 5 months, while authorities project that RON 1.1 billion (USD 371 million) will be raised in the next four years.

Romania is trying to bring more revenue from the energy sector by selling stakes in state-owned companies or privatizing the management, in accordance to a plan drawn by the joint mission of the IMF, EC and World Bank.    

Ovidiu Posirca

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