According to the National Convergence Program 2016-2019, the Government plans to introduce a new system of taxation in oil sector in 2017, which will be applicable to all holders of agreements, both offshore and onshore.
The Government is planning to revise the current taxation system by introducing new tax on extra profit in upstream sector (exploration and production), but with additional application of a tax deduction on investments. According to the document, the taxation system will ensure that the real taxation rate for the companies will not exceed 60 %, the number used at international level.
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Tags: financial, legislation, oil, Romania, tax