Fin Min Teodorovici says ‘tax on greed’ will turn into ‘incentive for diligence’. Fiscal amnesty likely in April

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Finance Minister Eugen Teodorovici has told TVR 1 public broadcaster Tuesday evening that Emergency Ordinance 114 will be amended and that the ‘tax on greed’ will turn into an ‘incentive for diligence’, whereby the banks should finance real economy. Teodorovici also said that he might approve fiscal amnesty in April.

“I promised that the ordinance will be amended by the end of March. On the issue of banks I will have talks at the Finance Ministry with the representatives of the banking system, today we had talks with the National Bank representatives. Tomorrow I believe we conclude the amendments related to the banking system. The tax on greed will turn into incentive for diligence. If the bank or banks, as the case may be, commit to fund the real economy, which needs financing, then the tax itself…” Eugen Teodorovici said.

He claims that the tax might reach zero level.

“This mechanism is very flexible and stimulates the bank, whereas the tax on part of the financial assets that are taxable could fall down to zero by year-end if the banks prove they have funded companies, natural persons, state bonds in Romania,” Teodorovici said.

The Finance Minister also said that the Government is to approve the fiscal amnesty in April. “Fiscal amnesty is closer for public companies and for private companies and this issue will be welcomed by the business environment, the Finance Minister added.

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