exemption

Romanian IT developers will continue to enjoy income tax exemption, and the Government’s letter of intent to the IMF and memorandum of understanding with the EU make no mention of eliminating this advantage, says a Finance Ministry press release issued Thursday.

Romania’s Government on Tuesday approved a decision whereby companies hiring in 2010 people who have been unemployed for at least three months will be exempt from paying social security contributions for the new employees for six months, as long as the new workers are kept for at least one year.

The tax exemption on reinvested profit is an opportune yet late measure, as few companies will qualify for this facility, given the difficult economic environment, Mihai Ionescu, secretary general of National Association Of Romanian Exporters And Importers ANEIR, stated Friday.

Romania will approve the tax exemption of the reinvested profit through an emergency ordinance that will amend the Fiscal Code, but the measure will come into force as of January 1, 2010, Finance Minister Gheorghe Pogea said Thursday.

The gas beneficiary companies from Nabucco pipeline will be exempted from complying with the law on third party access to transport system or pricing methodology on a 25-year period, the National Energy Watchdog ANRE said Tuesday.