POLITICS

Senate: Ordinance for Tax Code amendment, adopted

The Senate, as first Chamber to have been notified, adopted on Monday with 71 votes “in favour” and 37 “against”, the draft act for the approval of OUG 79/2017 regarding the modification of the Tax Code, with amendments.

The plenary endorsed the report of the Budget Committee amending the ordinance so that firms recording revenues up to one million euro, have a minimum 45,000 lei share capital and at least two employees, can opt between the profit tax and the turnover tax.

Other amendments included in the Committee’s report and adopted in the plenary sitting aim the increase of the deductibility cap for spending with interest from 200,000 euro, as the Executive had established, to three million euro and the retention at the source of the interest corresponding to earnings from gambling.

Senators Nicoleta Dinu (Save Romania Union – USR) and Florin Citu (National Liberal Party – PNL) requested the 60 amendments tabled by the Opposition and which are nowhere to be found among the amendments greenlighted or rejected by the Committee be discussed in the plenary sitting but their request was rejected through plenary vote.

The Liberal Florin Citu considers that the OUG in the current form “does more to entangle things in the economy than disentangle them.”

“Ordinance 79 is the one that managed to unite those in the Opposition with the trade unions which shouldered this Government to get into power. Unfortunately, the OUG, as it looks today, does more to entangle things in the economy than disentangle them. The only solution is for the Government to adopt a derogation decision. PNL will vote against it,” Liberal Florin Citu stated.

In his turn, the Hungarian Democratic Union of Romania (UDMR) senator Tanczos Barna explained that the successive amendment of the Tax Code “leads to a total lack of predictability in the field.”

The Chamber of Deputies is the decision-making forum in this case, due to debate the piece of legislation.

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