ROMANIA: Conservatives oppose 1 pct tax to be levied on Romanians abroad remittances

Conservatives are opposed to Democrat Liberal Party (PDL, at rule) deputy William Branza to levy a 1 percent tax on the remittances made by Romanians abroad, announced on Monday, in a press conference, Maria Grapini, Vice-president of the Conservative Party (PC, in opposition).

“We cannot agree with such a law representing in fact double taxation and it is not the sole example of Romanians being taxed several times. (…) We are opposed to it, we are going to organize public debates, we will attempt to discuss the matter with our allies in the Parliament, with the opposition parties – the National Liberal Party and the Social Democrat Party – so that this legislative initiative is not adopted”, said Grapini on Monday. Read more

Romanian emigrants’ remittances – potential engine for economic rebound

According to a recent article in the Romanian media, Romania is among the top ten countries in the world to benefit from remittances. The International Agency for Source Country Information (IASCI), an Austrian non-governmental organization, has been conducting a project with the Soros Foundation focusing on the impact of migration on financial investments in Romania – the first study of this kind to be developed in a European Union country. The project, which will be finalized in November, aims to highlight the extent of Romanian migrants’ remittances and their impact on the development of their home country. Read more

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ROMANIA c/a deficit as remittances fall

BUCHAREST, April 13 (Reuters) - Romania's current account deficit widened by almost two thirds in the first two months of 2010 as remittances from workers based abroad fell, data showed on Tuesday.
The deficit, once Romania's main economic vulnerability and the reason it sought aid from the International Monetary Fund, gained 64.3 percent year-on-year to 754 million euros ($1.03 billion).

The external shortfall had narrowed significantly last year as the economy contracted by 7.1 percent.
This year's annual increase in January-February figures was due largely due to a 68.5 percent fall on the year in current transfers, which stood at 312 million euros, the central bank said.

Analysts said this meant lower remittances from Romanian workers abroad. One in ten Romanians have fled the country in recent years, seeking better living standards in the richer west, mainly in Italy and Spain.
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