Economic And Social Council Gives Negative Review For New Fiscal Measures

According to the CES member, owner’s unions, syndicates and representatives of the civil society all gave negative reviews for the draft decree.

However, the CES review is only consultative and the Government can choose to pass the decree regardless. Prime Minister Viorica Dancila announced earlier on Thursday that she will introduce the decree on the cabinet’s work schedule only if it receives a CES review.

The Romanian Finance Minister presented on Tuesday a package of new fiscal measures, including a tax on banking assets depending on the ROBOR rate, a cap for internal natural gas prices for the next three years and new taxes for electricity, energy and gambling operators.

Other measures also see a reduction in private pension fund management fees, while allowing contributors to withdraw from the mandatory private pensions funds after contributing for five years.

The measures caused the Bucharest Stock Exchange to lose its whole year’s gains in Wednesday’s session, with a slight loss also registered on Thursday at midday, due to concern over the measure’s effects.

 

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