A memorandum that was approved by the Romanian government at the end of May allows for the unification of all financial laws in one, single package under the name Romania’s Economic Code.
The new code will have to do with Romania’s business sector and will include, among other, the Tax Code, the Tax Procedure Code, the law on establishing companies, the law on tax evasion.
According to the country’s premier, Viorica Dancila, “The business environment in Romania needs clear, coherent and predictable legislation. We have on the agenda for today a memorandum on the elaboration of Romania’s Economic Code, a package meant to include all the laws in the economic field. We want to eliminate the contrary provisions and the ones that overlap. The Economic Code will include the Tax Code, the Tax Procedure Code, the law on setting up companies, the law on tax evasion and other bills in the economic field”, as she was quoted by romaniajournal.ro.
“In the first stage, the Economic Code will be a CODEX, namely a selection of normative acts that will be presented under electronic form on the webpages of all ministries. This CODEX will be permanently updated and optimized for mobile devices.
Once finalized, the Economic Code will be available in Romania and translated in English and French, so as to be accessible for foreign investors as well”, romania-insider.com reads.
The competent Finance minister Eugen Teodorovici said that the law will boost the knowledge of entrepreneurs, investors and business people in general of the local system’s legislative amendments if and when these are made…. / IBNA