Progress Report on Fiscal Policies, February 29 - March 4, 2016
  Last week, the National Agency for Fiscal Administration (ANAF) appointed a new Chairman. Dragoș Doros comes from the business environment, having worked with KPMG Tax Consulting, NNDKP Tax Advisory Services as well as EY. His appointment comes at a time when ANAF is undergoing a massive internal reform with the help of a World Bank loan of EUR 100 million. FinMin Anca Dragu recommended Doros as a professional in the field, highlighting that the appointment decision was taken solely on a professional and not a political basis.  


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Progress Report on Fiscal Policies, February 22-26, 2016
The debt-to-equity swap law continues to raise tensions between politicians and bankers. While the former define it as a just and social law, the latter perceive it as a potential threat to the country's macroeconomic outlooks, with an estimated impact of several billion euros. Apart from bankers, realty developers and brokers have expressed their concerns, anticipating a sharp decrease in real estate, transactions which would negatively impact the construction market altogether.  


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Progress Report on Fiscal Policies, February 15-19, 2016
Over the past week, a series of fiscal policy bills have either been passed or introduced on the Parliament's agenda, in the context of positive outlooks on Romania's economic performances. With the electoral race on  its way, it is expected that political parties propose new bills that might have a strong populist tone.  


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Progress Report on Fiscal Policies, February 08-12, February, 2016
Over the past week, a series of legislative proposals impacted the fiscal sector. A new amendment to the Fiscal Code has been announced by ALDE's Senator Varujan Vosganian, who wants to change the provisions of property taxation. The Senator and former Minister of Economy considers that taxation according to the nature of property owner, and according to the destination of the property are errors that have to be amended. 


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Progress Report on Fiscal Policies, February 1-5, 2016
The European Commission released the European Economic Forecast for Winter 2016 according to which the Romanian Economy is expected to peak in 2016, before slowly contracting in 2017. When it comes to policies, due to tax cuts and expenditure increases, the fiscal deficit is set to increase substantially, and at the same time, new legal initiatives in the financial sector pose risks to the macroeconomic outlook. Whereas the GDP for 2016 is expected to reach 4.2%, for the following year it is to set lower, at 3.7%, yet still among the best performing EU economies. Inflation is also expected to go up, from the negative average of -0.2% to 2.5% in 2017, while the Gross public debt is presented as advancing at the same pace, from 40.5% to 42.6% of GDP. 


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