Romania To Introduce Tax Exemption On Reinvested Profit As Of July 2014
According to a draft law drawn up by the government, Romania will introduce a tax exemption on reinvested profit starting July 1, 2014.
The draft law stipulates that the tax exemption will be available for investments in technological equipment carried out between July 1, 2014 and December 31, 2015.
The impact on the budget is estimated at approximately RON137.5 million, in the second half of the year. (Evenimentul Zilei)
Romania Taps Foreign Bond Market For EUR1.25B
Romania’s Finance Ministry on Tuesday raised EUR1.25 billion at a 10-year Eurobond sale in international markets at an annual yield of 3.7%.
The ministry sought to sell between EUR1 billion and EUR1.5 billion at today’s auction. The initial price guidance was set at 3.99%, or 225 basis points over the midswap.
Budget minister Liviu Voinea told „Adevarul“ newspaper that this would be the cheapest financing in the history of Romania. (Adevarul)
Romania Meets All Criteria To Join Eurozone – Secretary Of State
Secretary of state for European Affairs George Ciamba stated that, for the first time, Romania meets all criteria to join eurozone, which is also shown by the increase of foreign direct investments lately.
Romania’s accession to the European Union and the changes triggered by this process “irreversibly contributed to consolidating the reform processes, to the modernization of the society, essentially contributed to the economic development,” Ciamba stated.
“In 2004, Romania’s GDP was at EUR 80 billion and last year, when the country registered the best GDP, it was at EUR 140 billion,” Ciamba stated during a conference organized in Bucharest by the European Commission. (Curierul National)
Basescu: Right-Wing Parties Should Reunite After European Parliament Elections
Romanian President Traian Basescu stated Tuesday that, after the elections for the European Parliament, which will be “undoubtedly” won by USD, the right-wing parties will have to reunite into a coalition and decide on a single candidate for presidential elections.
The President said he refers to the Democratic Liberal Party (PDL), People’s Movement Party (PMP), National Liberal Party (PNL), the Civic Force Party and Christian-Democratic People’s Party (PNTCD).
Basescu said that PDL is a “closed project” for himself, but he would “never” tell PMP not to create an alliance with PDL. (Gandul)
Supreme Court: Mikola Bela Declared Persona Non-Grata In Romania
The Romanian Supreme Court ruled Tuesday that Hungarian citizen Mikola Bela, member of the New Hungarian Guard organization, would be declared as persona non grata in Romania for a five-year period.
Thus, judges with the Supreme Court rejected Bela’s appeal to the decision of Bucharest Court of Appeals from March 20, deciding that it was correct. The Supreme Court’s ruling is final. (Romania Libera)