Bucharest, September 13: The American Chamber of Commerce in Romania (AmCham Romania) and Foreign Investors' Council (FIC) have jointly elaborated a set of proposals for modifying the Fiscal code, Fiscal procedural code as well as for improving the implementation of certain customs' procedures and regulations.
The initiative of the two organizations, already at its third edition, was correlated with the announcement of the Ministry's of Finance intent to change the fiscal legislation in view of modernizing it, and has benefited from the support of more organizations representing the business community.
For the elaboration of over 220 proposals advanced to the Ministry of Public Finances more than 100 experts and practioners (consultants, lawyers, accountants, economists, and technical experts) have identified necessary measures for a modern, stable and competitive fiscal environment for Romania, as envisioned by the business community.
"The authorities' openness in the context of meetings to present the AmCham-FIC proposals was encouraging; however the consultation process on the recently-adopted measures has been way below our expectations.
We call for a continued dialogue, so that the final re-written and updated form of the fiscal legislation to come into force on January 1, 2012 will also reflect our proposals. The Fiscal College seems to be the structure that can best facilitate such initiatives, only to the extent to which its organization and functioning will be reformed so that it represents an efficient and representative consultative forum" stated Ionut Simion, AmCham Romania Vice-President.
"Modernizing the fiscal legislation is an important step ahead that Romania needs to make. We trust that an "up-to-date", stable and predictable fiscal legislation along with a transparent enforcement, ensures to economic players in Romania, as well as to those in search of the optimum destination for investments, a coherent legislative framework and the stability both so necessary for doing business" declared Serban Toader, FIC Vice-president.
AmCham-FIC proposals advanced to the Ministry of Finance at the beginning of July have been discussed with Ministry officials in a series of meetings during July and August. Only few of the recommendations have been reflected in the Fiscal code and Fiscal procedural code amendments adopted through Government Ordinances 29/2011 and 30/2011.
AmCham and FIC will continue to plead for rewriting the Fiscal code, a process which in the vision of the two organization must begin in the fall of 2011. AmCham and FIC emphasise that a modern fiscal legislation will improve Romania's competitiveness at the regional level, and the benefits will be reflected in the GDP growth and increased budgetary collections.
About AmCham Romania
The American Chamber of Commerce in Romania (AmCham Romania) is a leading professional business association having a significant contribution in the consultation process on legislation and norms impacting the business enviroment in Romania. Along its 18 years of activity, AmCham remained firmly engaged in facilitating an open dialogue between the authorities and the business community it represents. Our members' expertise is offered to authorities through working groups dedicated working groups such as tax, healthcare, energy, competition, information and communications technology, labor market, human resources and educations, public procurement, tourism, infrastructure and corporate governance.
AmCham Romania represents 300 members - U.S., international and local companies with total investments above 10 billion USD and around 200.000 jobs created. AmCham Romania is affiliated to the U.S. Chamber of Commerce and is a member of the European Council of American Chambers of Commerce.
Andreea Roman, Communication Manager
T: 021 312 48 34
About Foreign Investors Council
The Foreign Investors Council (FIC) is an association of the leading investors in Romania. The FIC was established in 1997 when it officially began its activity with 26 companies as members.
Today, the FIC has 128 member companies whose cumulated investments in Romania exceed EUR 30 billion representing approximately two thirds of the total foreign direct investment made since 1990.
The FIC includes multinational companies providing the Romanian economy with a variety of goods and services, having over 190,000 employees.
The contribution to the Gross Domestic Product of these foreign capital companies operating in Romania is reported in the official statistics at approximately 30%.
The FIC's member companies believe that dialogue between policy makers and all investors lies at the very heart of successfully improving the business climate and stimulating the development of the Romanian economy.
The FIC is well positioned to provide constructive input to policy makers given the breadth of its membership, both in terms of their international experience and their substantial investment in Romania.
Doina Ciomag, Director Executiv
T: 021 222 1931