The Coalition for Romania's Development (CDR) announced that the VAT rate cut is insufficient not enough for Romania's sustainable economic development and proposed a series of new fiscal policy measures.
The foreign and Romanian investors and managers represented by the Coalition for Romania's Development (CDR) warned on Wedensday that the VAT rate cut is insufficient and that five additional measures are needed to secure Romania's sustainable economic development.
The aggregated value of amounts declared for VAT purposes went up 5.85% in the first seven months of this year, compared to the corresponding period of 2014, following the DNA and anti-fraud inspectors' campaign to root out tax evasion, according to a press release issued by the National Agency for Fiscal Administration (ANAF).
The state's social security budget spends 37% more than it collects in contributions from employees and employers. The state budget had to provide RON 10 billion to the social security budget in the first half of this year, the equivalent of 1.4% of the GDP and up 40% on an annual basis.
The aggregated value of revenues collected by the National Agency for Fiscal Administration (ANAF) in August amounted to RON 15.07 billion, up 9.05% on an annual basis and 6.85% above the collection target set at the beginning of this year. ANAF collected RON 2.12 billion in income taxes, up RON 280 million on an annual basis.
The merger proposal sent by Banca Transilvania yesterday to the Bucharest Stock Exchange (BVB) stipulates that Volksbank's current clients will be notified before the actual merger in order to allow them to analyze the situation and decide whether they want to become BT clients or not.
The courts are expected to rule today in two other class lawsuits launched by the National Consumer Protection Authority (ANPC) against Alpha Bank and Credit Europe Bank IFN. An ANPC victory would see the ruling applied to all similar credit contracts.
Mrs. Cristoforidis stated that Banca Romaneasca is forcing her to pay RON 500 for an agreement that it's not even issued by the bank. The National Consumer Protection Authority (ANPC) is looking into the matter. "I have never signed any paper with the bank that mentioned such a fee for issuing its agreement," said Mrs. Cristoforidis.
Sumitomo Electric Wiring Systems, a Japanese manufacturer of car parts, shut down its plant in Topolcany, Slovakia, at the end of June in order to relocate production to Romania. Mike Lawson, CEO of SEWS Slovakia, announced that the move had been justified by the lower production costs in Romania and the company's need to stay competitive.
EKR Elektrokontakt Romania, part of German group Nexans, will receive approximately RON 40 million in state aid for a RON 80 million investment project that would create more than 800 jobs in Gorj county. The company operates three plants in Romania, located in Sântana, Chişineu Criş and Pâncota.
The Cabinet mandated yesterday the Ministry of Energy to exercise its voting right at the general meeting of C.E. Oltenia shareholders in order to set up the company that would build a new 600 MW electricity production unit at the Rovinari coal-fired plant. The green/brownfield project will be built by a Romanian-Chinese joint-venture and is estimated at EUR 846.6 million.
Some 65,000 commuting professors and teachers could soon have their expenses covered by the Ministry of Education, instead of the local authorities, which have been lax and careless on this matter. A bill to this effect was reported out favorably by the Education Commission and sent to the Chamber's floor.
The Chamber of Deputies' Budget Commission decided on Wednesday to tack back on the Fiscal Code the paragraph allowing town councils to slap owners who neglect their urban properties by up to 500%. Dan Manolescu, a secretary of state with the Ministry of Finance, proposed this measure during the Fiscal Code review debate.
Calin Popescu Tariceanu, the former National Liberal Party (PNL) leader who had left the party after the death of the Social Liberal Union (USL), criticized his former party for having adopted the style of former president Traian Basescu. Tariceanu added that his new party, ALDE, is determined to become the only representative of liberal values in Romania.
The Romanian Patriarchy will get involved in the effort to help the refugees that arrive in Romania and will support the Romanian authorities in their efforts, according to spokesman Constantin Stoica. "All Orthodox Romanians must act with love of their fellow men, as the Christian faith requires," said Stoica.