Fiscal Procedure Code from day one

The Fiscal Procedure Code will be endorsed during the Government’s session today by an emergency ordinance issued under the law enabling the Government to resort to such steps and will enforce early next year, Finance minister Mihai Tanasescu said. He specified the Government had a first look at the draft in its session last week and was to complete its provisions based on feedback from social partners. The drafting of the Code took a very long time, so that the document can no longer be submitted in form of a law draft to Parliament for debate as initially scheduled. After all, even the Finance Ministry representatives were recently expressing doubt the Code stood chances of being completed in good time, given several unclear issues. This is precisely why the possibility of the Code enforcing on March 1 or in the second half of next year had been considered, as well. The Code text is largely based on the German legislation, so that it contains concepts that are hard to apply in the Romanian economy. ZF