Investment attracting code, maybe next year

The investment attracting code, to be worked out by the Ministry of Development and Prognosis (MDP), aimed at ensuring uniform investment regulation in Romania might be ready by Q1, next year

“So far, we have had the preliminary contacts with the Chamber of Commerce and employers’ associations in the constructions industry and we are still researching various documents and investment codes in other countries.

Considering the extent of the work and the time to reconcile the legislation in the above-mentioned fields, as well as the need to harmonise the fiscal code components, it is hard to set a specific deadline for completion, but optimistically speaking it will be Q1, 2002,” Oana Grigore, MDP spokesperson, told Mediafax.

This code is intended to make investors more interested in special areas, depressed areas, free zones, technological parks, regional development and export growth. It will provide a set of fiscal incentives and governmental assistance to complete or rehabilitate the necessary infrastructure and will offer human resource development programmes, depending on the specific requirements of the jobs to be created.

The aspects considered to improve the business environment will be solving the problems caused by the registration of guarantees over inventory goods for the capital borrowed, of the debts, the modification of certain accounting rules for limited liability companies, and shifting to an optional regime regarding International Accounting Standards for SMEs.