Romania’s Foreign Investors Council supports new Fiscal Code

The Foreign Investors Council (FIC) announced that it supports the new Fiscal Code’s version approved by the Parliament. “The new Fiscal Code project is the result of a sustained effort of the business environment in Romania carried out together with the authorities in the last two years. The draft adopted by the Parliament last month is a substantial improvement in Romania’s tax legislation, bringing more clarity and fiscal policy predictability in the medium and long term,” according to FIC. The new Fiscal Code, which cuts the VAT rate from 24% to 19%, has split authorities in two. President Klaus Iohannis sent the draft back to the Parliament for reexamination, arguing that the new Fiscal Code could prevent Romania from respecting its assumed deficit target of 1.2% of the GDP for the next year. The Foreign Investors Council brings together 120 companies which have created directly and indirectly 200,000 jobs in Romania. editor@romania-insider.com