The new Fiscal Code will invigorate the local business environment, but it lacks fiscal consolidation provisions for Romanian groups of companies, said Florin Pogonaru, president of the Romanian Businessmen's Association AOAR.

He said that some of the proposals made by AOAR were not taken into consideration in drafting the new Fiscal Code and the Fiscal Procedure Code, reports local Wall-street.ro.

Fiscal consolidation rules for Romanian groups would have helped local capital stay in the country and would have attracted more investments in Romania.

The association envisions a change in the economic model, from one based on foreign capital, to an endogenous model, with a focus on Romanian companies and an increase in local entrepreneurship.

editor@romania-insider.com