AmCham Romania and FIC call for tax law changes

Newsroom 19/09/2011 | 11:16

Representatives of business lobby groups the American Chamber of Commerce in Romania (AmCham) and the Foreign Investors Council (FIC) are calling for changes to the Fiscal Code that would modernize Romania’s administrative collection capacity.

The country’s tax collection level is currently below that of Bulgaria. The percentage of revenue collected by the state budget is 32-33 percent of GDP, while the EU average is 42-44 percent. An increase of 10 percent in the tax collection rate would see Romania gain an additional USD 12 million for the budget. Bulgaria has already implemented an integrated system which saw tax collection rise by 6 percent.

The joint efforts of the FIC and AmCham, which together came up with over 220 proposals with the aid of 100 experts and practitioners, resulted in Government Ordinances 29/2011 and 30/2011. However, only a small fraction of the proposals forwarded to the Romanian Finance Ministry were actually included in the fiscal legislation.
Ionut Simion, vice-president of AmCham Romania, said that the suggestions were submitted to Dan Lazar, state secretary in the Finance Ministry, and Gheorghe Ialomitianu, minister of Public Finance.

Simion also said that proper legislation had to be put into place, allowing the Finance Ministry and ANAF (fiscal administration unit) to improve their collaboration.
AmCham and the FIC are still calling for the rewriting of the Fiscal Code, a process that should have started in the autumn of 2011.
The modernization of the fiscal legislation should improve Romania’s competitiveness at a regional level, resulting in GDP increases and further gains in revenue to the state  budget.

Ovidiu Posirca

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