President Nominates Mihai Razvan Ungureanu For Foreign Intelligence Chief
President Klaus Iohannis has nominated Mihai Razvan Ungureanu to head the country’s Foreign Intelligence Service.
Ungureanu held that position three years ago but resigned when he was appointed prime minister. (Evenimentul Zilei)
RATEN Gets RON4M For Research-Development
Romania’s nuclear energy research institute RATEN has been allotted RON4 million to sustain its research and development activities, ensure utilities, train staff and pay salaries.
RATEN was disjoint from RAAN, insolvent since 2013. The government approved a memorandum Wednesday allotting the institution RON4 million from the budget of the ministry of Energy. (Adevarul)
Lower House Of Parliament Approves Tax Code
The Chamber of Deputies approved Wednesday the new Tax Code, which introduces significant tax cuts that were cast off by the European Commission and the International Monetary Fund.
International creditors are especially frowning at the cut of the value added tax rate, as the VAT is the most important tax for Romania’s budget, bringing about a quarter of the total revenue.
Besides the VAT rate reduction, the new Tax Code eliminates the special constructions tax, introduced just two years ago, and cuts the dividend tax to 5%. The law also sets forth the plan for reduced social insurance tax rates and a flat rate tax cut starting with 2018.
Finance minister Eugen Teodorovici said the budget impact of the VAT standard rate cut to 19%, from the current 24%, will amount to 9 billion lei (EUR2 billion), or 75% of the total revenue drop expected for next year at RON12 billion. (Evenimentul Zilei)
SMEs Have Access To EUR100M Through JEREMIE Program
Small and medium-sized businesses will be able to attract financing of EUR10 million for investments and working capital with subsidized interest and lower guarantees through the JEREMIE program.
Romania has raised the budget of the program by EUR50 million, through a new allocation within the EU-funded economic competitiveness sectorial program, which is co-financed by the European Regional Development Fund.
SMEs may get financing within the program from five banks, Banca Transilvania, BRD Groupe Societe Generale, CEC Bank, ProCredit Bank and Raiffeisen Bank, which will grant new loans totaling EUR250 million under the program. (Romania Libera)
Cantacuzino Institute Becomes Public Institution Of Strategic Interest
The National Institute of Research and Development for Microbiology and Immunology Cantacuzino will become public institution of strategic interest, and will get EUR10 million to pay its debts to the state and suppliers, according to an emergency ordinance approved Tuesday by the government.
The institute, which is among the most valuable producers of immunology medicines in the world, has been on the decline since February 2010, after the National Medicine Agency withdrew its license to sell vaccines, as certain authorizations were expired.
Several national vaccination programs have been blocked for several months and Romanian authorities were forced to import the vaccines. (Romania Libera)