Minimum Insertion Income Not To Be Implemented Sooner Than 2016
The minimum insertion income, included in the national strategy for social inclusion and fight against poverty 2015-2020, has not yet been finalized.
This service, which would be the first weapon against poverty, according to Labor Ministry officials, might be implemented at the beginning of 2016 at the earliest.
According to the strategy, the minimum insertion income may assist 10% to 23% of unemployed people to integrate into the labor market in the upcoming period. Experts say the country’s relative poverty is expected to decrease by 3%. (Puterea)
Tata Motors Signs Letter Of Intent To Build Factory In Slovakia
Jaguar Land Rover (JLR), owned by India’s Tata Motors, plans to build a factory in Slovakia, its first European plant outside the UK, as it seeks to continue an aggressive growth strategy aimed at closing the gap with its German luxury rivals.
JLR said on Tuesday that it had signed a letter of intent with the Slovakian government to build the factory in the western city of Nitra.
Slovakia trumped rival bids from Poland, Hungary and Mexico to build the 300,000 car-per-year factory, which comes as the premium marque tries to lower its cost base to compete with larger German rivals and hedge against a potential British exit from the EU.
The new plant, which is subject to a final feasibility study, would be the company’s first in lower-cost Eastern Europe, where many of its luxury rivals, such as Porsche, already build top-range cars. (Romania Libera)
Romania Climbs To 19th In European Fuel Price Ranking
Romania has climbed several spots to 19th in a European fuel price ranking, outpacing Luxembourg, the Czech Republic, Hungary, Bulgaria, Lithuania, Latvia, Austria, Estonia and Poland, according to an analysis by web portal Energy.eu, the most important European statistics organization.
One liter of gasoline costs EUR1.24 in Romania, compared to EUR1.16 in Austria, in the context in which excise duties are equal in the two countries, namely, 48 cents/liter, and the value added tax is 24% in Romania and 20% in Austria.
Whenever gasoline prices in Romania go up, there is always the motivation that Romania has the cheapest fuels among European Union countries. (Puterea)
Romania Plans To Set Up Authority For Black Sea Oil Operations
The Romanian authorities want to set up a state authority tasked with supervising oil installations in the Black Sea.
The new authority will be subordinated to the Government and will be financed both from the state budget and from taxes imposed on companies operating oil fields on Romania’s continental plateau.
The new authority will be run by a president and a vice-president, who are public servants appointed for a five-year period. The new entity will be under the government’s control and will have to send an activity report to the Executive every two years. (Adevarul)
Political Leaders To Hold Talks On Cutting Standard VAT Rate
Political leaders in Romania will be holding negotiations on Thursday aimed at reducing the standard VAT rate from 24% to 19%.
Representatives of all political parties in Romania will hold round table discussions to negotiate the adoption of the new Tax Code, which was sent back to Parliament for reexamination by President Klaus Iohannis. The Romanian Parliament will hold an extraordinary session to reexamine the Tax Code.
Romania has made significant progresses over the last years as regards improving its controversial public finance, but its new Tax Code could jeopardize its achievements, trigger a budget deficit of at least 3% of the GDP in 2016 and boost its public debt, according to Andrea Schaechter, the head of the International Monetary Fund (IMF) mission to Romania, and of Guillermo Tolosa, IMF representative for Romania and Bulgaria.
The Tax Code previously approved by the Parliament stipulated the VAT cut to 19%, the scrapping of special constructions tax and the fuel excise duty and not the lowering of social insurance tax rates and the flat rate tax cut initially proposed for 2018 and 2019.(Adevarul)