Gov’t adopts draft to amend GEO 114

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Government  has adopted the draft to amend the Government Emergency Ordinance (GEO) 114.

By adopting this draft law we are saving private pensions pillar II, in order to stimulate and encourage alternative private pensions systems. The Government corrected the measures that would have caused the destruction and nationalization of pension pillar II. The draft law also removes the requirements concerning the additional capital for private pension managers, reduces the management fees for the Pensions House and ASF, leaving thus more money in the accounts of the participants to pillar II. It also eliminates the possibility for the participants to choose between pillar 1 and 2,” the head of the PM Chancellery, Ionel Danca told a press conference at Victoria Governmental Palace on Wednesday.

He added that another measure was to dissolve the “mechanism of fictitious loans” granted through the Development and Investment Fund.

“Taxing the energy companies by 2 per cent of their turnover and capping the producer price for gas and electricity suppliers at  RON 68 megawat/hour were also among the measures that were repealed, with transitory measures being introduced instead, meant for the liberalization of the gas and electricity markets. (…) The funds collected based on the 2 per cent of turnover fee applied to companies in the energy sector, collected by ANRE [National Energy Regulatory Authority], will be transferred to the Ministry of Economy to support the energy efficiency programmes and the vulnerable consumer protection programmes, namely RON 600 million. (…) The provisions in the telecommunications sectors related to the taxation of these companies and the penalties regime in this field have been also repealed, as well as the provisions related to the taxation of the bank assets,” the government official said.

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