Finance Minister Sebastian Vladescu is taking into account therisk that Rompetrol, controlled by Kazakh-group KazMunaiGaz mightnot pay the entire 600 million-euro amount required to redeem thebonds held by the Romanian state, due this September, which couldbecome the year's top financial story.
"We might end up Rompetrol shareholders again because the contracton the conversion of the company's historic debts into bonds takenby the state includes a potential flaw: the Kazakhs may redeem themin full or in part. This would allow them to conduct a certainarbitrage and keep a certain percentage, while giving the rest tothe state," Vladescu told ZF in an interview.
Still, he does not see a specific reason as to why the bonds shouldnot be redeemed in full. At the end of last year President TraianBasescu said in a TV show that he was convinced the Kazakh groupthat took over Rompetrol in 2007 would pay the debt to the Romanianstate in full. Dinu Patriciu, the businessman who persuaded PremierAdrian Nastase to agree to converting Rompetrol's debts into bondsin 2003, sold all this shares in 2007 and then in 2009 for morethan 1 billion euros.
The 600 million euros that Rompetrol owes are the main non-taxrevenues that the state budget expects to get this year, Vladescusays.
As for revenues from taxes and duties, the Finance Minister saysthat the only change that will come into force this year is thereplacement of the minimum tax with the lump-sum tax by sectors ofactivity, which is to be applied as of 1st of July.
"Besides the lump-sum tax, which I hope will be operational on 1stof July, we will not change even a single thing in the taxationsystem in 2010, we will go forward with the current structure, withrevenues of 30% of GDP."
Vladescu, however, has big plans to reform the tax and duty system,which he believes is out of touch with the current times.
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