Tax Code, the bone of discontent with the EC. IMF delegation cancels visit in July, Fin Min says

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The European Commission hasn’t reached an agreement with the Romanian authorities on the Tax Code, but will decide on the agreement with Bucharest during the meeting of Finance Ministers (Ecofin) on July 14. The International Monetary Fund will not pay an evaluation visit next month, as it will benefit from the European Commission’s conclusions, Finance Minister Eugen Teodorovici said on Thursday.
“On one point we did not reach an understanding: the Tax Code. The International Monetary Fund certainly will not come (in July) because it already has the conclusions of the European Commission. (…) For Ecofin, a report of the technical mission in Bucharest will be released and next week we will know the contents, before the meeting of finance ministers, and we will formulate a point of view,” said Eugen Teodorovici at the end of talks with European Commission mission representatives.
He added that the European Commission’s concerns relate to the budgetary impact of the Tax Code, starting next year. “It is a normal approach from the European Commission. Instead, they appreciated very much what Romania has done in recent years, as economic development measures, but the impact of the Tax Code is the main topic of discussion between us and the European Commission. (…) It would have been better to have an agreement from both sides for this project so important to the Romanian economy. (…) It is important that, whatever the situation, Romania has said very clear that it maintains the commitments in particular in the area of structural reforms,” said the Finance Minister.
According to him, the budget deficit target will be exceeded temporarily, the estimated level being of 2.9% of GDP in 2016. Teodorovici argues, however, that it is possible to substantiate the 2016 budget with a decrease of the deficit from 2.9% to 2.5% of the GDP.
The Finance Minister stressed that there are many Member States registering excessive deficit, well above 3%, while Romania is in a situation to take measures in order to further strengthen the economy.

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