We are awaiting an important announcement of the Romanian economy by the Standard & Poor’s Agency. Economists expect a decline in Romania’s rating outlook from stable to negative. The main reason, the greed tax, applied to banks according to ROBOR level.
At this point, the rating given to Romania is in the category recommended for investment. But it is only one step above the level at which Standard and Poor’s analysts no longer point to Romania as a stable investment country.
Our country is in this category since 2014, after six years of being on the list of non-recommended investment states.
The Greed Ordinance is a topic of heated discussion in the Government Coalition, but also in the Executive. Until now, the PSD and the ALDE have not understood all the changes, although the prime minister would announce Monday in Parliament what are the principles according to which these changes will be made.
As regards the bank asset tax, PSD and ALDE seem to have come to a common denominator. It is taken into account that the payment is made half-yearly and not quarterly as originally foreseen. Also, the tax may no longer be applied to assets on government securities, European funds, government programs, loans to Small and Medium Enterprises and territorial administrative units.
Changes could also be made to the provisions on Pillar II pension. There has been talk of lowering the capitalization cap, so companies will no longer have to raise their share capital as much as originally planned, almost 800 million euros. Another option would be to extend the deadline until the ogligations have to be fulfilled, until the end of the year.
Meanwhile, the Greed Ordinance is in Parliament for approval, but tacitly passed the senate, the budget committee talks were postponed, the Finance Minister’s proposal, and is now in the Chamber of Deputies. It could, however, be amended more quickly, also by a government decision until April 1 when the first quarter ends and all companies concerned should pay their taxes.