The VAT hike will discourage investments, making Romania one ofthe countries with the highest VATs in the EU, so the Governmentshould adopt measures to encourage investments in order tocompensate for the negative effects of the tax increase, believesthe Foreign Investors Council, whose chairperson is MarianaGheorghe, CEO of OMV Petrom, the biggest company in Romania.
"We are disappointed by the Government's decision to increaseVAT to 24% and we think this measure will have serious negativeeffects on the economy. So we believe it is necessary for theGovernment to implement a more extensive set of measures meant toboost efficiency in the public sector and to stimulate investors,in order to compensate for the negative effects of the VAT increaseand in order to support economic growth," informs CIS.
The Foreign Investors Council has 117 member companies whosecumulated investments in Romania amount to around 30 billion euros,making up nearly two thirds of all direct foreign investmentscarried out since 1990.
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