The tax revenues collected to the Romanian state budget are among the lowest in the European Union when compared to the local GDP. The ration of these revenues was of 28 percent out of GDP in 2008, while the EU average where close to 40 percent, according to Eurostat. Romania's tax rates are not among the lowest in the region, but its collection lags behind other EU states.

Intesa Sanpaolo Bank has increased its share capital in Romania by EUR 30 million, which has upped its social capital by 50 percent to EUR 87.4 million. Intesa sanpaolo SpA owns 99.5 percent of the shares of the local bank subsidiary.

Intesa Sanpaolo Bank had EUR 800 million in assets at the end of the first quarter this year, up 6.5 percent on December last year. It portfolio of deposits went up by 6.1 percent, to EUR 268 million.

Romanian media

Romanian capitalists, unite!You have to hang in there- in Ziarul Financiar

Business people: The VAT...

The recently-announced five percentage points VAT increase in Romania will lead to a hike in prices on all levels of the economy and to a drop in the Romanians' purchasing power. A higher inflation and unemployment rate will kick in, analysts have warned. The 24 percent VAT rate in Romania will be among the highest in the European Union and the highest so far in the country. The previous VAT increase in Romania, in 1998, was also of four percentage points, to 22 percent. The lower VAT rate of 19 percent was enforced in 2000 and stayed the same ever since.

The Romanian Government has decided to increase the Value Added Tax (VAT) from the current 19 percent to 24 percent, after a Government meeting held earlier today. The decision came after the Romanian Constitutional Court has ruled the 15 percent pensions decrease as unconstitutional. The measures should trigger an increase in the budget, after the failed attempt to cut budget spending

The EUR/RON exchange rate surged by 1,17 percent today, to a rate of 4.2808 RON/EUR, while the USD was quoted at 3.4911 RON, 1.38 percent higher than the previous day, after the Romanian Constitutional Court ruled that the 15 percent pensions cuts announced by the Government are not constitutional.

The austerity measures meant to reduce budget spending in Romania, namely the 15 percent pensions cuts are not constitutional, the Romanian Constitutional Court has decided. However, the 25 percent cut of state clerk salaries is constitutional, the Constitutional Court has decided.

Austrian investment fund CA Immo, which has properties on the Romanian market, has acquired Europolis, another fund active locally, CA Immo has announced. The purchase price was of EUR 272 million, while the book property value of Europolis' assets is of EUR 1.5 billion.

H&M enters in Unirii, Plaza and Mall – in Ziarul Financiar, Decathlon sells EUR 1 mln of sportswear each month – in Ziarul Financiar, Taxation on stocks changes in a week, but nobody knowns how changes will apply – in Ziarul Financiar, Dorin Boboc from Allianz leaves services for agriculture – in Ziarul Financiar

Romanians still prefer loans in foreign currencies – in Gandul

H&M fashion retailer will open the first store in Romania in 2011, according to a recent report published by the company...

The tax revenues collected to the Romanian state budget are among the lowest in the European Union when compared to the local GDP. The ration of these revenues was of 28 percent out of GDP in 2008, while the EU average where close to 40 percent, according to Eurostat. Romania's tax rates are not among the lowest in the region, but its collection lags behind other EU states.

Intesa Sanpaolo Bank has increased its share capital in Romania by EUR 30 million, which has upped its social capital by 50 percent to EUR 87.4 million. Intesa sanpaolo SpA owns 99.5 percent of the shares of the local bank subsidiary.

Intesa Sanpaolo Bank had EUR 800 million in assets at the end of the first quarter this year, up 6.5 percent on December last year. It portfolio of deposits went up by 6.1 percent, to EUR 268 million.

Romanian media

Romanian capitalists, unite!You have to hang in there- in Ziarul Financiar

Business people: The VAT...

The recently-announced five percentage points VAT increase in Romania will lead to a hike in prices on all levels of the economy and to a drop in the Romanians' purchasing power. A higher inflation and unemployment rate will kick in, analysts have warned. The 24 percent VAT rate in Romania will be among the highest in the European Union and the highest so far in the country. The previous VAT increase in Romania, in 1998, was also of four percentage points, to 22 percent. The lower VAT rate of 19 percent was enforced in 2000 and stayed the same ever since.

The Romanian Government has decided to increase the Value Added Tax (VAT) from the current 19 percent to 24 percent, after a Government meeting held earlier today. The decision came after the Romanian Constitutional Court has ruled the 15 percent pensions decrease as unconstitutional. The measures should trigger an increase in the budget, after the failed attempt to cut budget spending

The EUR/RON exchange rate surged by 1,17 percent today, to a rate of 4.2808 RON/EUR, while the USD was quoted at 3.4911 RON, 1.38 percent higher than the previous day, after the Romanian Constitutional Court ruled that the 15 percent pensions cuts announced by the Government are not constitutional.

The austerity measures meant to reduce budget spending in Romania, namely the 15 percent pensions cuts are not constitutional, the Romanian Constitutional Court has decided. However, the 25 percent cut of state clerk salaries is constitutional, the Constitutional Court has decided.

Austrian investment fund CA Immo, which has properties on the Romanian market, has acquired Europolis, another fund active locally, CA Immo has announced. The purchase price was of EUR 272 million, while the book property value of Europolis' assets is of EUR 1.5 billion.

H&M enters in Unirii, Plaza and Mall – in Ziarul Financiar, Decathlon sells EUR 1 mln of sportswear each month – in Ziarul Financiar, Taxation on stocks changes in a week, but nobody knowns how changes will apply – in Ziarul Financiar, Dorin Boboc from Allianz leaves services for agriculture – in Ziarul Financiar

Romanians still prefer loans in foreign currencies – in Gandul

H&M fashion retailer will open the first store in Romania in 2011, according to a recent report published by the company...