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Owners of historic buildings in Romania exempt from tax on building

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Owners of buildings classified as historic monuments will be exempt from paying tax on these buildings from next year, reports Profit.ro quoted by romania-insider.com.

This will apply both to private and state owners. Until now, the local councils were the ones deciding on this matter.

The tax exemption was introduced by a law president Klaus Iohannis promulgated on Friday. The Parliament has recently adopted the law. The MPs who initiated the law have shown that the new Fiscal Code disregarded the principles of the Law on the Protection of Historic Monuments, namely the idea that historic monuments are values of general interest and the principle of their protection is irrespective of the ownership regime and the conservation status.

“The state, through the central and local public authorities, not only doesn’t provide financial support for the restoration, preservation and valorization of these monuments, but it also burdens their owners,” according to the law’s initiators.

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Economic

Tuesday, November 7, 2017