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FinMin meets Ambassador of the Republic of Turkey
The Ministry of Finance wishes to immediately identify a solution regarding the measure adopted by the Parliament in December 2020, by Law No. 296/2020, which stipulates that, starting with January 1, 2021, the expenses incurred as a result of transactions with legal entities located in non-cooperating jurisdictions for tax purposes are not deductible when calculating the profit tax.
According to a press release sent on Thursday, in relation to this, the Minister of Finance, Alexandru Nazare, had a meeting with the Ambassador of the Republic of Turkey in Romania, Fusun Aramaz, and with representatives of Turkish businessmen.
"The idea was to identify an immediate solution to the measure adopted by the Parliament in December 2020 by Law No. 296/2020, which provides that, starting with January 1, 2021, expenses incurred as a result of transactions with legal entities located in non-cooperating jurisdictions are not deductible in the calculation of the profit tax," reads the press release.
According to the same source, during the meeting, Fusun Aramaz underscored the importance of maintaining good economic relations, given the fact that Turkey is among the first non-EU trading partners of Romania, both by the value of investments and by the large number of jobs created by Turkish companies operating in Romania.
"The current situation generates significant economic losses for Romania. We are working on a legislative solution to urgently remedy the situation, which should not affect the commercial transactions between the two countries, nor the potential investments," said Alexandru Nazare.
At the same time, the Romanian Minister of Finance stated that he will continue to support foreign investments in Romania, including those coming from Turkey, while emphasizing the importance of the Romanian-Turkish economic partnership.
(Photo: https://www.facebook.com/mfpromania/photos/pcb.3690240844404832/3690240581071525/)