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March 23, 2023

AmCham and FIC call Gov’t to reconsider tax measures in relation to IMF

The American Chamber of Commerce in Romania (AmCham Romania) and Foreign Investors’ Council (FIC) underscore the effects of several fiscal measures included in Romanian Government’s Letter of Intent to the International Monetary Fund (IMF) or currently on the Government’s agenda, prone to affect the stability and competitiveness of the Romanian fiscal system. According to a press release, the Taxation Working Groups within the two organizations have analyzed and advanced to the Ministry of Finance observations and recommendations regarding measures such as: local buildings tax, oil industry royalties; health contributions for incomes from rents and expanding the taxpayer’s base for the public pension funds; health system reform. The AmCham Romania President, Valeriu Nistor stated: „We call for an open, transparent dialogue, prior to adopting new legislation, to allow all relevant stakeholders to efficiently contribute to adopting the most adequate fiscal measures which will lead to a stable and modern fiscal system and to an accelerated economic development of Romania.”
Regarding the local building tax, „we hope that the project to amend the Fiscal Code will be revised to lower the local building tax for legal entities – a constant request of FIC and AmCham Romania members- both by reducing the variation limits of the tax and by reviewing the calculation method of the taxation base in order to reflect the various types of buildings and the fluctuation of the market value” emphasized Daniela Nemoianu, Chair of AmCham Romania’s Taxation Committee.
As far as the oil industry royalties are concerned, Mihai Bogza, FIC President, mentiones: „We are supporting the implementation of a stable and competitive royalties system that should be applied during the entire duration of the concession contract, as a system like this will bring forth significant benefits for Romania, such as an important contribution to ensuring energy security and independence, improved balance of payments and trade balance, an increased GDP and new jobs created.”
Serban Toader, Co-Chair of FIC’s Taxation Committee, adds several remarks regarding the contributions to the health social security fund from income from rents and enlarging the taxpayers ‘base for the pensions fund. In his turn, Daniel Anghel, Co-Chair of FIC’s Taxation Committee explains: “Supporting the development of the private health insurance systems and of private medical services must be one of the viable solutions for addressing the current issues of an underfinanced health system in Romania.”

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