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Romanian government throws market into chaos with draft changes to tax and corporate rules

December 19, 2018
​Romanian authorities sparked market outcry on Wednesday by announcing on Tuesday evening a series of massive changes to Romanian tax and other corporate rules, changes due to be applied, theoretically, in less than two weeks. The Bucharest Stock Exchange opened with strong losses today and pension funds, investors and other private sector bodies reacted harshly to measures which include a Greed Tax (yes, that is its name), changes to private pensions and state intervention on electricity and gas prices.
  • UPDATE 1 President Klaus Iohannis urged the government on Wednesday to drop plans for the new taxes, saying they were "throwing Romania into chaos". He said PSD was to blame of "greed"
  • UPDATE 2 Also on Wednesday, the American Chamber of Commerce in Romania (AmCham Romania) called for an urgent withdrawal of the emergency ordinance, calling its provisions as lacking responsibility and causing generalised chaos in the economy.
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