TAXATION On 1 August, some of the fiscal measures introduced
recently by the coalition government made up of the National Liberal Party,
Social Democratic Party and the Democratic Union of Ethnic Hungarians in
Romania take effect. On Monday the tobacco excise duty is to increase, as is
the tax on gambling gains. Changes are also operated as regards salaries in the
construction industry, agriculture and foodstuffs, where the ceiling for
certain tax rebates will be lowered. Further changes to the Fiscal Code will
take effect early next year. For example, in the hospitality industry VAT will
be raised from 5 to 9%, while the VAT for non-alcoholic beer and for sugary
drinks will be raised to 19%. Sales of houses bigger than 120 sq.m. or for prices
of over EUR 120,000 will also carry increased VAT. According
to government estimates, these changes will bring the state budget an
additional EUR 243 million this year and some EUR 2.1 billion in 2023.
FESTIVAL Medieval
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The plenum of the Romanian Senate has adopted amendments to the offshore law. Delayed for a long time, the law regulates the operations regarding the development and exploitation of oil deposits in the offshore perimeters, off the Romanian Black Sea Coast in the Black Sea, as well as of deep oil deposits in onshore perimeters. The bill amending the offshore law establishes the distribution of 40% of the profit obtained to the investors and 60% to the Romanian state, which has the right of pre-emption to gas acquisition. During the meeting, the Energy Minister, Virgil Popescu, highlighted that this law would ensure Romania’s gas security in case of an energy crisis, pointing out that Romania could also become a provider of regional energy security, after it will produce more than it will consume.
He added that the first gas from the Black Sea could be extracted starting with the second half of this year. At the same time, the new law increases the investment deduction