Romania's former Government negotiated with IMF an additional tax for oil companies

The former government has negotiated with the International Monetary Fund (IMF) the introduction of a new tax of 35% on the profits recorded by the oil and gas companies strictly from their upstream activities, according to ministerial sources who took part in the negotiations. The tax would have been additional to the current royalty system, reports local Profit.ro. The talks started in October and should have continued. The hydrocarbon producers currently pay the royalties specific to the oil and gas sector, as well as the general tax on income of 16% paid by all local companies. Last year, OMV Petrom’s operating income from upstream activities amounted to about EUR 885.5 million. editor@romania-insider.com