Ordinance modifying Fiscal Code “lost” on the way to Official Gazette

The business sector and the fiscal experts were eagerly expecting yesterday to see the modifications made by the Government to the Fiscal Code finally published in the Official Gazette at least one week before enforcement of the new regulations.

The emergency ordinance had not been published by yesterday afternoon. Instead, rumours about the document being kept for additional changes started spreading.

At any rate, the Finance Ministry is again in breach of the principle in the Fiscal Code that requires at least a six-month interval between the introduction of changes and their enforcement; if publication is further delayed, it will set a new record in terms of changing the legislation with hardly any notice. This is not Boc Government’s first hesitation in terms of legislative changes. A special precedent in this regard was the introduction of the 16% flat tax on January 1, 2005.