Romanian Govt To Ensure Tax Exemption For Reinvested Profit - PM

Romanian Prime Minister Emil Boc on Saturday said he tasked three democrat liberal ministers and three social democrat ministers to continue the talks with the IMF and the European Commission, adding the Government won’t hike VAT, will keep the flat tax and ensure the tax-free reinvested profit.

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“I mandated a team of ministers, three from the Democrat Liberal Party and three from the Social Democratic Party to continue today (Saturday-e.n) and tomorrow (Sunday-e.n) the talks with the European Commission and the International Monetary Fund to reach our final agreement based on the new economic context,” Boc said after the government meeting.

Government sources told MEDIAFAX that the team is formed of the representatives of the Finance Ministry, the Economy Ministry, the Transport Ministry, the Labour Ministry, the Ministry for SMEs and the Interior Ministry.

Boc said the Government still regards keeping jobs a priority, doesn’t plan to remove the flat tax or to hike the value added tax (VAT).

He said additional funds will be assigned to infrastructure and a method will be found to introduce tax exemption for the reinvested profit.

“We will ensure tax exemption for the reinvested profit, as a way to support the business environment, to prepare the economic revival of the country,” Boc said.

Boc said these measures have to be accompanied by a reorganization of the state apparatus and by imposing cost standards for the public administration.

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