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Cutting tax evasion, new foreign investments, enhanced EU funds uptake – the goals of USL government

The goals of the USL government include reducing tax evasion by dismantling large tax dodging networks, as well as completing and enforcing legislation capable of changing the quality of electronic transactions with the direct and immediate effect of rising taxable incomes, shows the activity review titled „First year of USL ruling” which presents data regarding 12 key areas.

The document reminds that the VAT rate on bread will be lowered to 9% from the current 24% in order to stimulate this sector and reduce tax evasion.

The government seeks more money in the economy by increasing investments, the absorption rate of EU funds, improving tax collection and recovering the damage produced before.

As far as jobs are concerned, the government plans to provide support to the economy in order to offer new employment opportunities to the Romanians.

According to the activity review report, the government approved the EUR 100 ml worth of state aid scheme for IT companies that create more than 200 new jobs each.

The government also seeks to encourage employers to hire jobless aged over 45 or unemployed who are the single-earners in sole-parent families.

The document also reminds the investments planned by Daimler AG, Holzindustrie Schweighofer, OMV Petrom, Promoción Inversolar 65, China Huadian Engineering, Fribourg Development, Bosch, De’Longhi, Siniat Romania, Austria Card Romania, Oracle, Michelin, as well as the offshore energy explorations carried out by Exxon, OMV and Romgaz.

The USL government also promises a „fiscal space created by the better management of public spending,” which will be used to „stimulate business development and job creation.”

The government also contemplates lowering labor taxation in order to achieve a „stimulating, fair and predictable tax system capable of encouraging the private sector to create new jobs.”

The document also reminds that Fitch rating agency reaffirmed Romania‘s sovereign rating at „BBB-” with a stable outlook. It is also noteworthy that Romania’s industrial production increased 6.4 percent in the first months of 2013 compared to the same period of 2012, one of the steepest industrial advances in the EU.

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