ECONOMY FINANCE&BANKING

Teodorovici: Fiscal Code stays as adopted by Parliament, gradual implementation ineffective

The Fiscal Code stays as already adopted by the Parliament, since a gradual implementation of its measures is unlikely to bring the desired effect for the economy, Minister of Public Finances Eugen Teodorovici told a press conference on Friday.

“I believe that the text of the Tax Code will remain as adopted by the Parliament. I really can’t see what is more to discuss about the measures. And I also can’t see what that strong effect of a gradual implementation (…) I am in favour of generating all the effects economy needs – but major effects. Otherwise the delusion of gradually implementing such measures would not produce the expected results,’ Teodorovici explained.

Romania’s central bank governor Mugur Isarescu has recently stated that the measures of the Fiscal Code should be implemented gradually, in order to be more easily taken in by the economy.

The finance minister said he intends to have a new discussion with the governor “as soon as possible” to present him once again all the arguments of Ministry of Finances in support of the current set of measures in the Fiscal Code. “I believe that, sometimes, we should think beyond the mathematical logic of such calculations. Indeed, the economy sometimes needs to take into account models, formulas and other such approaches; nevertheless – perhaps especially for Romania, which is [has] an atypical economy – we need more daring measures,” he detailed.

The Parliament passed the Fiscal Code on June 24. President Klaus Iohannis refused to sign it and returned it for re-examination on July 27. On Monday, Liviu Dragnea, the interim chairman of the ruling Social Democrat Party, announced that the Parliament will be convened in an extraordinary session on August 24-26 to discuss the re-examination request.

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