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FIC and Amcham underscore the effects of several fiscal measures, 1 October 2013


Bucharest, October 1, 2013: The American Chamber of Commerce in Romania (AmCham Romania) and Foreign Investors' Council (FIC) underscore the effects of several fiscal measures included in Romanian Government's Letter of Intent to the IMF or currently on the Government's agenda, prone to affect the stability and competitiveness of the Romanian fiscal system.

The Taxation Working Groups within the two organizations have analyzed and advanced to the Ministry of Finance observations and recommendations regarding measures such as: local buildings tax, oil industry royalties; health contributions for incomes from rents and expanding the taxpayer's base for the public pension funds; health system reform.

The AmCham Romania President, Valeriu Nistor stated: "We call for an open, transparent dialogue, prior to adopting new legislation, to allow all relevant stakeholders to efficiently contribute to adopting the most adequate fiscal measures which will lead to a stable and modern fiscal system and to an accelerated economic development of Romania."

Regarding the local building tax, "we hope that the project to amend the Fiscal Code will be revised to lower the local building tax for legal entities - a constant request of FIC and AmCham Romania members- both by reducing the variation limits of the tax and by reviewing the calculation method of the taxation base in order to reflect the various types of buildings and the fluctuation of the market value" emphasized Daniela Nemoianu, Chair of AmCham Romania's Taxation Committee.

As far as the oil industry royalties are concerned, Mihai Bogza, FIC President, mentiones: "We are supporting the implementation of a stable and competitive royalties system that should be applied during the entire duration of the concession contract, as a system like this will bring forth significant benefits for Romania, such as an important contribution to ensuring energy security and independence, improved balance of payments and trade balance, an increased GDP and new jobs created."

Serban Toader, Co-Chair of FIC's Taxation Committee, adds several remarks regarding the contributions to the health social security fund from income from rents and enlarging the taxpayer's base for the pensions fund; "Any attempt to expand the taxpayer's base needs to be correlated with the introduction of the new minimum package of medical services and also be aligned with the capping of the calculation base up to three average gross wages, and not five, as the law currently provides.

Concerning the health reform, AmCham Romania and FIC's recommendations are aimed at the clawback tax mechanism and the need to create a favorable environment for developing private medical services and private health insurances. Daniel Anghel, Co-Chair of FIC's Taxation Committee explains: "Supporting the development of the private health insurance systems and of private medical services must be one of the viable solutions for addressing the current issues of an underfinanced health system in Romania."

Recommendations on each of the above-mentioned topics are detailed in a joint AmCham Romania - FIC position paper that can be requested via email to amcham@amcham.ro or office@fic.ro.

AmCham Romania and FIC have also been engaged in a joint effort to elaborate recommendations, technical and strategic observations in the context of the process to rewrite the Fiscal Code and the Fiscal Procedural Code. Such recommendations have been advanced to the authorities in charge along with the call for the organizing transparent consultations regarding this legislative framework of top importance for the business environment.

The American Chamber of Commerce in Romania (AmCham Romania) is a first rank advocacy and business growth professional association in Romania. The organization was based in 1993 and it now represents over 350 members - U.S., international and local companies, with total investments worth over USD 10 billion and generating approximately 200,000 jobs. AmCham Romania is firmly committed to facilitating an open dialogue between the business community and the central authorities, promoting transparent solutions and priorities for making Romania a better home for businesses and increasing the country's economic competitiveness in the region and at European level. AmCham Romania is an accredited member of the U.S. Chamber of Commerce and part of the European network - AmChams in Europe. Contact:
Andreea Roman, Communication Manager
E: aroman@amcham.ro T: 021 312 48 34
www.amcham.ro

The Foreign Investors Council (FIC) is an association of the most prominent foreign investors in Romania. FIC was established in 1997, when it started its activities with 26 member companies. It currently has 119 multinational member companies whose cumulated investments account for almost two thirds of total foreign direct investments made in Romania since 1990. The FIC's main objective is to promote sustainable economic growth by improving Romania's investment landscape. The FIC's member companies strongly believe that the path to economic growth lies in a dialogue between decision makers and investors that ensures transparency and predictability, the development of free market mechanisms and a smooth integration of the Romanian economy in the European market. Contact:
Doina Ciomag, Executive Director
E: office@fic.ro. T: 021 222 1931
www.fic.ro



ANEXA:
FIC and Amcham underscore the effects of several fiscal measures


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