The Romanian government has released new plans to change legislation in several areas, including drastically higher fines and penalties for tax evasion and off-the-books work, changing insolvency procedures and construction laws, new investment objectives as well as financial compensation for citizens who served prison time in improper conditions, according to profit.ro.
Fiscal/budgetary measures
The Executive will establish the list of state companies to be part of the Sovereign Fund for Development and Investments, as well as the National Bank for Romania’s Development, changing insolvency procedures and regulating alternative investment funds. The plan also includes a change in the law regarding mandatory auto civil liability insurance.
The Ministry of Regional Development and Public Administration should propose the adoption of the local public financing code.
Energy, constructions, business environment, justice
The government is planning to change the law for electricity and national gas, including the adoption of a new mining law.
In the constructions sector, the government wants to take measures to simplify bureaucracy and avoid excessive procedures, simplify acquisition procedures, introduce simpler cost options, flat rates and standardized scales for unitary costs in national and regional norms referring to eligibility, as well as simpler procedures for construction permits.
The Justice Ministry will promote simpler access to Trade Registry services and for the institution to take over certain procedures regarding companies which are currently carried out by courts. It will also propose the reduction of stamp duties in certain cases.
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