ARIS suggests additional incentives

Romanian Agency for Foreign Investments (ARIS) will propose a series of legislative measures to the Government. The measures are aimed at granting additional incentives for the very large investments likely to make a significant impact, ARIS chairman Marian Saniuta on Monday said. “We will propose the Development and Prognosis Ministry – the originator of Law 332/2001 on promoting direct investments likely to make a significant impact on the economy, a series of additional incentives for the very large investments, such as $50 million, for instance,” Saniuta said. He added the draft would be also taken up with the Public Finance Ministry and International Monetary Fund representatives. Law 332/2001 sets various incentives for those investing more than the equivalent of $1 million. The incentives include customs duties exemption, deferment of VAT payment until the investment becomes operational, tax deduction for 20% of the new investment value, the possibility to recover losses from the taxable profit made over the next five years and accelerated amortisation for plant and equipment. Mediafax