Romania Govt Ups State Cos’ Budget Contribution To 90% Of Tax On Profit

Romania’s government Wednesday raised the amount state-run companies and self-managed boards are required to contribute from their profits to the state budget to 90% from 50% previously, Prime Minister Emil Boc said.

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"We've decided that state companies will deliver 90% of the tax on profit to the state budget, from 50% initially," Boc told a news conference. Boc afterward corrected his statement, saying the companies must contribute 90% of their profits.

"State companies must express solidarity and support the state budget during these difficult moments," he added.

The executive also approved a 20% cut in expenses with goods and services at state-owned companies, excepting production costs.

The 20% spending cut already applies for public institutions.

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