Media: European Central Bank reviewing Romania’s tax on financial assets

The European Central Bank (ECB) is currently analyzing the emergency ordinance OUG 114/2018 concerning the tax on financial assets that banks in Romania need to pay beginning this year, Profit.ro reported. The banks will pay a tax on their financial assets when the average interbank offer rate – ROBOR for the maturities of three and six months exceeds the 2% benchmark. The Romanian Government did not submit a request for an opinion of the ECB before the ordinance was published, as requested by EU legislation, Profit.ro wrote. The ECB is to publish a notification on the tax. The ECB notifications are advisory in nature but the Treaty on the Functioning of the European Union establishes a framework for consultation of the ECB by national authorities. Tax on financial assets weakens monetary policy efficiency, Romanian central bank says Tighter bank taxation puts financial intermediation at risk, Romania’s central bank says Romania’s “greed tax ordinance” explained: Govt. comes with new taxes for key sectors in the name of social justice (Photo: Pixabay) editor@romania-insider.com