Foreign investors: We are disappointed by the Government's decision

The VAT hike will discourage investments, making Romania one of the countries with the highest VATs in the EU, so the Government should adopt measures to encourage investments in order to compensate for the negative effects of the tax increase, believes the Foreign Investors Council, whose chairperson is Mariana Gheorghe, CEO of OMV Petrom, the biggest company in Romania.

“We are disappointed by the Government’s decision to increase VAT to 24% and we think this measure will have serious negative effects on the economy. So we believe it is necessary for the Government to implement a more extensive set of measures meant to boost efficiency in the public sector and to stimulate investors, in order to compensate for the negative effects of the VAT increase and in order to support economic growth,” informs CIS.

The Foreign Investors Council has 117 member companies whose cumulated investments in Romania amount to around 30 billion euros, making up nearly two thirds of all direct foreign investments carried out since 1990.