Romanian FinMin completes draft on oil royalties

Romania’s Finance Ministry has completed the draft law on oil royalties, and the bill keeps the current taxation level in the field, said finance minister Anca Dragu.

The draft law also grants deductions for offshore investments, reports local Agerpres.

Dragu explained that the ministry has collaborated with IMF experts in drafting the bill. The new Government and the new Parliament will be able to take over this project, which is “from our point of view, completed,” she added.

The bill will distinguish between investments in offshore and in onshore projects. The offshore investments are more substantial, so the authorities are pondering to grant higher deductions in this segment.

The legislation in this field expired three years ago, and the new law has been in discussion ever since.

source: romania-insider.com