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Although the government has changed, the Tax Code remains the same!

The new Tax Code which contains measures to reduce the taxes will take effect from January 1st , 2016, as it has already been published in the Official Gazette. The new finance minister, former IMF and European Commission expert, Anca Dragu Paliu, announced that it would maintain all measures.

Here is the statement of the new minister: “The Tax Code applies as it is now, with the emergency ordinances. Our priority is to ensure the fiscal stability as a mean to stimulate the confidence in the romanian economy. We will continue to implement all the measures contained by the Tax Code. In what concerns the salary expenses, these will also be kept there. This draft budget should be carried out taking into account the existing legal framework. Therefore, all these measures will be found in the budget. With all the existing measures, we intend to bring the budget deficit somewhere below 3% of GDP. We believe that this budget deficit would ensure the sustainability of the public finances and it is also funded. Any measure, at this time, to amend the existing measures or just the measures that were approved recently, probably would not be a good message for the business environment and the economic growth that we aim “.