The stability and
predictability of the tax system must be a priority for the authorities
in order to maintain a strong and attractive business environment. Only
in these conditions will the private sector be motivated to continue
investing in our country and to provide jobs for its citizens. Any
change in the fiscal framework without impact assessments and dialogue
with the business community, could compromise the potential for
economic development, which is mainly based on attracting foreign
direct investment. As resulted from the latest FIC Study, the taxes
paid by the FIC member companies have a significant direct contribution
to supporting the State budget, the economic growth registered in
Romania, as well as to building wealth. The results show a detailed
picture of the major contribution of large Romanian companies with
foreign capital to the state budget, the most important indicator being
the level of VAT collection, which is the highest. The report/study
provides details regarding the contribution of a representative sample
of Romanian companies with foreign capital to tax revenues through the
level of taxes paid to the state budget.
More and more economists are talking about the prospects of a shock
generated by at least three overlapping crises. Interest rates are
growing and economies are slowing down. The Minister of Finance has
stated that a crisis is out of the question, while the state is
borrowing at record high interest rates. Loan instalments will be
updated starting from 1 July. The 490,000 Romanians who have ongoing
loans calculated based on the ROBOR index will pay RON 350 more than
after the latest update, in April. The ROBOR index has already exceeded
the 6% threshold, and specialists say it could reach 6.5% by the end of
the month. Money is not only scarcer, but also more expensive,
according to economist Cristian Popa, a member of NBR’s Board of
Directors.
Companies are faced with many challenges following the coronavirus
pandemic and amid the war in Ukraine, but about half of the surveyed
companies are doing well, according to a survey conducted by AHK
Romania in April 2022. The current situation of German companies in
Romania has slightly deteriorated, but most of them continue to rate it
as good (over 51%, autumn 2021: 67%). More than 37% of respondents
believe their company’s situation is satisfactory, while the remaining
10.7% consider the situation is currently difficult. This illustrates
the current situation of economy and of companies, but also offers an
overview of the most important risk factors in business development
from companies’ point of view.
Arrears corresponding to the general consolidated budget grew by 2.23%
in April 2022 compared to the previous month, to RON 179.31 million,
from RON 175.4 million, according to data published on Finance
Ministry’s website. Arrears over 90 days decreased by 0.16%, from RON
64 million to RON 63.9 million, while arrears over 120 days increased
by 4.9%, from RON 60.8 million in March to RON 63.8 million in April
2022. Arrears over 360 days also rose, from RON 50.7 million to RON
51.6 million (+ 1.77%).
Idea Bank’s integration into Banca Transilvania (BT) financial group
has entered its final stage; as a result, the transfer to BT of part of
the contracts concluded between Idea Bank and its clients will be
completed by 13 June, about one year after signing the acquisition
agreement. Thus, 10 June is the last day when clients can make
operations through Idea Bank and when Idea Bank cards (until 17:00) and
the Idea myBank application can be used (until 13:00), according to
information provided by Banca Transilvania.
BCR Group and Arval Romania have signed an agreement for the takeover
of part of BCR Fleet Management’s operational leasing activity, the two
entities have announced. The agreement was concluded last week and the
finalization of the transaction is subject to several conditions
precedent, including the Competition Council’s approval, and is
expected to take place before the end of 2022. The agreement also
stipulates that the two entities will collaborate for the sale of Arval
mobility products to BCR clients.
Raiffeisen Smart Market is an innovative, digital ecosystem-based
loyalty app that aims to bring together individual digital customers
and corporate partners and merchants, to share expertise, mobilize
resources and generate value for all. Raiffeisen Smart Market is part
of the bank’s digitalization and innovation strategy, complementing the
portfolio of digital products and solutions offered to clients and
customized to their needs.
Eden Capital Development maintains its plans for 2022 and launches a
new investment in Bucharest, which will bring a new residential
complex, called Cortina Forest, onto the market. The complex will have
over 400 apartments and the investment has been estimated at EUR 200
million. Cortina Forest is located in Pipera area - Erou Iancu Nicolae
Street, on a 30,000 square meter land purchased two years ago.
INVL Renewable Energy Fund I, managed by INVL Asset Management, the
main asset management company in Lithuania, has announced that it will
start operations in Romania and plans to invest about EUR 120 million
in the development of the solar parks it has recently acquired.
According to company officials, the fund has recently taken over two
companies developing solar power plants with a capacity of 166 MW in
Romania. The projects have already received the necessary approvals for
connecting to the grid and the solar power plants, which the fund plans
to invest in, should become operational in 2024.
The Romanian National Post Company (CNPR) has invested RON 120,000 in
the operationalization of its first Digital Postal Counter, inaugurated
on Monday, within Post Office 63 in Bucharest, and plans to install
other 70 such points at national level in the following period, the
General Director of the national postal operator, Valentin Stefan said
on Monday, during the launch of the new terminal. Moreover, Minister of
Research, Innovation and Digitalization, Sebastian Burduja, said that
the Romanian Post Company followed the technological trend of this
period.
Romanian company Alira Grand Vins has invested EUR 5.2 million to open
the Aliman winery in Constanta County, a project to have started in
2019 and which benefitted from EUR 2.5 million public financing from
the Agency for Rural Investment Financing (AFIR) within the Ministry of
Agriculture and Rural Development. The Aliman winery was launched in
July 2019 and was completed in 2022.
Several Liberal (PNL) MPs have submitted in Parliament a draft law
compelling the principals of educational establishments to know
Romanian. The legislative proposal amending and completing National
Education Law 1/2011 was also signed by MPs from the Social Democratic
Party (PSD). The initiators state that the managerial function involves
institutional relations with Romanian state authorities, both at local
and governmental level, and such relations require good knowledge of
the Romanian language.
EU lawmakers are working to strengthen the European Commission’s
proposal to ensure that women fill 40% of non-executive board seats of
listed companies, while campaigners call for a swift adoption of the
text before the end of the French presidency of the EU Council. The
proposal is currently under discussion with the European Parliament,
trying to agree on a common legislative text with the EU Council
representing EU member state governments.
Minister of European Projects and Investments, Marcel Bolos stated on
Monday that the distribution of cards containing the RON 250 vouchers
for food and warm meals would start on 13 June. Minister Bolos said
that the cards issuing process had started, and would be followed by
the cards’ distribution on 13 June and then by the charging of these
cards. On 6 May, Minister Marcel Boloș had stated that about three
million cards with RON 250 vouchers for people with a precarious
financial situation would be progressively delivered by the Romanian
National Post Company starting from 1 June.