Tourism, a sector totally closed to foreign investors – BNR official says

Tourism, a sector totally closed to foreign investors – BNR official says

 

By Monica Apostol

Gov’t could reduce micro-enterprise turnover tax to 1.5 pc, the minister for SMEs and Tourism, Maria Grapini said.

The poor quality of tourism and its inefficiency represent enough arguments for those who complain about the privatisations with foreign investors in the banking system or the metallurgical industry, believes the chief-economist of BNR, Valentin Lazea. The BNR official considers that tourism was a sector totally closed to foreign investors, which allocated to hotels and restaurants less than 1 pc of the total volume of investments in the Romanian economy. This also explains the deficit of balance in the tourist sector, where the sums paid by Romanians for vacations abroad outweigh by far the incomes from foreigners that spend holidays in Romania. Tourism and trips represent the main source of deficit in the sector of services, with a minus of nearly EUR 300 M last year and approximately EUR 400 M in 2011. In the first two months of this year, despite a positive evolution in most chapters of the current account of the balance of payments, tourism still had a deficit of EUR 41 M.

Tax, calculated as a fix sum depending on some indicators, per activity basis