Prime Minister: Government To Look Into Amending Greed Tax Decree

Romanian Prime Minister Viorica Dancila announced on Monday that the cabinet will hold talks regarding amendments for the emergency decree adopted in December 2018 which introduced several new fiscal measures, including a bank asset tax dubbed “the greed tax”.

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Imaginea articolului Prime Minister: Government To Look Into Amending Greed Tax Decree

Prime Minister: Government To Look Into Amending Greed Tax Decree

“I said that flexibility is needed and that’s why I called the ministers so that each and every one can say what problems are there on every individual chapter. The other ministers each discussed separately so that we could see where the problems are, and what amendments we will make,” the Romanian prime minister announced during a meeting with the Association of Romanian Communes.

The chief of cabinet added that the amendments do not amount to the Government “giving up” to criticism against the decree, which many feel severely affects profitability for companies in several areas. Banks and local administrations have been among the measure’s most ardent critics.

The decree introduces a package of new fiscal measures, including a tax on bank assets scaling with the ROBOR rate, capping natural gas prices for the next three years and a new tax for electricity and thermic energy operators.

The bank assets tax was especially at the forefront of negotiations between the Government and the central bank, whose Administration Council urged the executive to separate the tax from the ROBOR index so as to not influence monetary policy.


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