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BVB's Anghel: There is fiscal discrimination between financing through banking loan and bonds issue

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Romanian companies must be encouraged to acquire competitors from other countries, for right now there is a fiscal discrimination between financing through banking loan and new bonds issues, says Lucian Anghel, head of the Bucharest Stock Exchange (BVB).

"An idea would be to encourage Romanian companies which, in order to sponsor their capital base, to invest, acquire competitors from other countries, the same as other foreign companies are doing in Romania too, for they need access to capital. This could be offered through the capital market. Here, right now, there is a fiscal discrimination between financing through banking loan and new bonds issues for a company listed on the stock exchange. For instance, if one company takes credit from a bank, the related interest for the banking loan is tax-deductible," says Anghel.

He thinks that such deductibility should also exist for companies that have access to capital.

"This could be achieved through an interest equivalent to be tax-deductible in the moment when a company has access to capital. This could be achieved through a tax deduction, which would stimulate the drawing of capital and the development of the Romanian companies, through the local capital market," showed the BVB head.



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