Romania's Ministry of Finance could present new royalty calculation system by end-April

Romania’s Finance Ministry would present the new royalties calculation system to the Government by the end of April, said Finance Minister Darius Valcov, cited by local Hotnews.ro. If the Government accepts the new draft law, the Ministry will further send it to the Parliament. The Finance Ministry has not yet decided if the new calculation system is based on taxation of income or profit. The current royalty calculation system expired in December last year, but the Government postponed imposing a new one by another year. Prime Minister Ponta explained back then that the Government could not change a law overnight. The most important companies active in the oil & gas sector, which pay royalties in Romania, are OMV Petrom, Rompetrol, which is owned by Kazakh group KazMunaiGaz, Russian Lukoil, Hungarian MOL, Italian Eni and Romanian Romgaz Medias. editor@romania-insider.com