Progress Report on Fiscal Policies, March 28 - April 4, 2016
  This week, problematic allegations concerning the payment of taxes by a multinational company have reached public attention. Former head of ANAF Gelu Diaconu accused the former ambassador of the Netherlands to Romania of influence peddling in favor of a multinational company that was trying to avoid paying taxes to the Romanian state. So far, his allegations have not been confirmed, yet they are problematic. On a European level, Commissioner for economic affairs Pierre Moscovici highlighted that multinational companies ought to pay taxes in the countries where their profit is made. Both Diaconu and Moscovici pointed out at a shift in EU's taxation policy, yet it is hard to tell whether large taxpayers will receive a different treatment in the near future.    


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Progress Report on Fiscal Policies March 21-25, 2016
Over the past week, the Government continued the clarification campaign on the provisions of the Fiscal Code, including small amendments. As Government representatives already highlighted, the main changes are to be brought to property taxation, as well as to social contributions. Following the fact that the rules of the Fiscal Code that clarify the guidelines of property taxation were published in the Official Gazette just ten days before the deadline for submitting the statements to local tax bureaus, the Government issued an emergency ordinance setting a new deadline for May 31. In this sense, the Government continues the work of amending the Fiscal Code by sorting out its shortcomings.


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Progres Report on Fiscal Policies, March 14 - 18, 2016
Fiscal developments over the past week indicate a certain tendency of MPs to pass fiscal relaxation legislation, while the Government has the task of controlling the macro-financial stability while keeping a close eye on the assumed cashflow deficit. Closer to the point of view expressed by both PM Dacian Cioloș and FinMin Anca Dragu, National Bank of Romania's Governor Mugur Isărescu warned that fiscal relaxation is the most serious threat to the stability of Romanian economy. Isărescu highlighted that although Romania made substantial progress, when it comes to political influence over fiscal legislation, things may go against the current economic trend.


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Progres Report on Fiscal Policies, March 14 - 18, 2016
Fiscal developments over the past week indicate a certain tendency of MPs to pass fiscal relaxation legislation, while the Government has the task of controlling the macro-financial stability while keeping a close eye on the assumed cashflow deficit. Closer to the point of view expressed by both PM Dacian Cioloș and FinMin Anca Dragu, National Bank of Romania's Governor Mugur Isărescu warned that fiscal relaxation is the most serious threat to the stability of Romanian economy. Isărescu highlighted that although Romania made substantial progress, when it comes to political influence over fiscal legislation, things may go against the current economic trend.


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Progress Report on Fiscal Policies, March 7 -11, 2016
The major event of the past week was the release of the European Commission’s 2016 Annual Growth Survey. While Romanian economy was confirmed ranking third among EU member states, the EC issued a warning on the sustainability of the economic growth. The EC has identified six states – Spain, Belgium, Croatia, Finland, Italy and Romania – that risk not meeting the assumed budgetary deficit target. 


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