Romanian Govt Puts Off Hiking Taxes On Industrial Property Protection

Romania's Government has postponed hiking the taxes on industrial property, charged to natural and legal persons, until 2012, considering that such an increase could reduce the number of requests for protection and affect innovation.

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Taxes in the field of industrial property would have been calculated, starting with January 1, 2011, using an exchange rate of 4.3 lei to one euro, necessitating they be hiked by 20% to accommodate the change from the currently used rate of 3.6 lei to one euro.

Through an emergency ordinance, the Government decided to update the taxes on January 1, 2012 instead of next year.

The Government argues that increasing the taxes on the protection of industrial property rights will restrict the applicants' financial possibilities and reduce the number of requests for protection, greatly affecting innovation, which the business environment needs in order to recover.

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