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Tuesday, September 14, 2004
Business in Romania blog
BUCHAREST, Sept 13 (Reuters) - An alliance of opposition parties ranking second in voters preferences in Romania pledged it would cut taxes if it wins November 28 elections, Ziarul Financiar financial newspaper reported on Monday.

Analysts have said that taxation, among the highest in the region, deters foreign investment in the ex-communist Balkan country that hopes to join the European Union in 2007.

"We will cut taxes on income, profit and social security contributions," Theodor Stolojan, running for president for an alliance made up from the opposition liberals (PNL) and democrats (PD), said during a visit in the north-east of Romania.

Last month, the ruling ex-communist Social Democrat Party (PSD) approved a cut in corporate tax to 19 percent from 25 percent and a cut in income tax to 14 percent from 18 for the lowest bracket and to 38 percent from 40 for the highest, starting next year.

It also lowered by two percentage points the social security contributions paid by companies and employees to 47.5 percent.

Stolojan, a former Romanian prime minister and World Bank executive, did not give figures for the cut envisaged by the opposition alliance, saying they would be made public later this month when the electoral programme would be revealed.

A survey published earlier this month put the PSD ahead in voters preferences with 39 percent, followed by the opposition alliance of PNL and PD with 34 percent.

Posted by Mihai : 9/14/2004 04:51:00 pm Romania opposition promises tax cuts ahead of polls
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