The representatives of the Financial Rating Agency Fitch start analyzing the package of fiscal measures on 15th July

The representatives of the financial rating agency Fitch will start, after 15th July the analysis of the package of fiscal measures adopted by Romania, announced the minister of finances, Alexandru Nazare.In a press conference organized at the government, he mentioned that he was optimistic on maintaining the country’s investment-grade rating.   'Representatives from the rating agencies, in particular Fitch, will start analysing our measures after 15 July for the assessment they will publish on 15 August. I am very optimistic that, once we have the validation obtained in next week's Council (Council of EU finance ministers, ECOFIN, editor's note), we will maintain our Fitch rating,' said Alexandru Nazare.   Similarly, he mentioned that the negotiations with the European Commission on the measures taken had been going on for several months.These negotiations with the Commission have been held for many months. They were also carried out in the month before the Government's investment. The Commission's options sent through a written address on 2 June were very clear and concerned both the budgetary impact, the share of GDP for each type of measure they considered valid. As such, the Commission sent it, and in the discussions initiated by me, as soon as I took over the portfolio, I found, after the first discussions, both at the technical level and at the Commissioner's level, that these are the accepted options, said Alexandru Nazare. He explained that the VAT increase to 21% is seen by the European Commission as a credible measure, while the 9% and 19% rates would not have had an acceptable impact.   The Minister of Finance was also asked about the introduction of progressive taxation and said that he did not agree with such a measure, but even if Romania wanted to adopt it, it could not be done quickly, as it would take a year and a half or two to adapt the ANAF systems.   On Thursday, the Finance Ministry published a draft law that foresees a number of fiscal-budgetary measures, including an increase in the standard VAT rate from 19% to 21% and in the reduced rates from 5% and 9% to 11%, an increase in excise duties, a hike in the tax on dividends from 10% to 16% and an additional tax on banks. The draft also provides for higher taxes on gambling and the payment of social security contributions on pensions above 3000 lei for the amount exceeding this ceiling.