BNR’s Isarescu: Multinationals have to follow Romanian legislation, tax rules

The governor of the National Bank of Romania (BNR), Mugur Isarescu, has talked about the taxation regime of multinational firms in the country.

Isarescu claims that “foreign firms should follow the Romanian legislation, to respect the fiscality, our rules.”

His statement came on the back of controversial comments made by representatives of the ruling coalition about the potential involvement of multinational firms in the country’s political crisis. Certain politicians reacted to articles, which have been debunked as fake news, which claimed that the multinational firms asked their employees to attend street protests so that the government led by Sorin Grindeanu would be toppled.

AmCham Romania, one of the biggest business associations in Romania, which represents American, international and local investors, vigorously rejected such claims.

Meanwhile, the BNR governor also talked about the transfer pricing policies of multinational firms present in Romania.

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“It has been discussed, similar to what’s happening in Europe, about the issue of transfer prices. This is not an easy thing anywhere in the world. I know this issue since the 70s, it is almost permanent and has to do with the status of multinationals,” said Isarescu, according to HotNews.ro.

According to data published in the autumn of 2016 by the National Statistics Institute, multinationals control 30,000 companies in Romania, out of the 450,000 firms that are present on the local market.

Multinationals active in the industrial field recorded over 570,000 employees, accounting for 41.4 percent out of all the employees in the sector.

Ovidiu Posirca