Romania’s current system of natural resource royalties will be extended by a year, and a new system will be introduced on 1 January 2016, Public Finance Minister Ioana-Maria Petrescu stated in an interview for Agerpres.
The new system has been devised jointly with specialists in this domain, after information about the way other states implement their natural resource royalties systems was requested and after the issue was discussed with the International Monetary Fund, the Public Finance Ministry (MFP) official pointed out.
At this moment there is a draft law on this new system of taxing natural resources and consultations with companies active in this domain will start next Thursday. The Finance Ministry states that the desire was for there to be sufficient time for consultations with companies, the business environment, the civil society, for debates in Parliament, in order to have fiscal predictability. The authorities’ intention is for this new system of taxation to be applied for a period of 10-15 years.