Gov’t to amend part of the GEO 114 provisions on private pensions, to cancel the tax on banks’ assets

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The Government will revise part of the GEO 114 provisions, which caused significant shocks in a few sectors, such as the private pensions or banking system.

Finance minister Florin Citu said on Friday that the capital requirements imposed to the Private Pension Pillar II administrators will be annulled, but also the provision that the contributors to this system should be able to transfer their future contributions exclusively to the public pension system, practically forcing them to give up Pillar II.

The majority of the 7 administration companies of Pension Pillar II consider withdrawing from Romania, central bank’s Chief Economist Valentin Lazea said in February this year.

Finance Minister also added that more provisions of the GEO 114 will be amended in the near future, for instance the tax on the banks’ assets will disappear as of 2020.

The Government sitting scheduled today afternoon will debate the draft law on amending GEO 114 on which the Executive is to take responsibility in Parliament.

A year ago, the former PSD Government announced the GEO 114 enforcement, with more sectors being impacted.

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