July 17, 2017 / 11:45 AM / a month ago

Romanian PM says scraps plan to tax companies' turnover

BUCHAREST, July 17 (Reuters) - Romania's Prime Minister Mihai Tudose said on Monday the government has scrapped a plan to replace a corporate tax on profit with a tax on turnover, reflecting the outcome of preliminary calculations by the finance ministry.

"We considered this issue closed ... this tax won't be enforced anymore," Tudose told reporters after a meeting of the ruling coalition. "This move was endorsed by our (coalition's) leader, figures were presented to back it up."

In late June, the ruling Social Democrats announced plans to overhaul taxation next year, weakening stocks and the leu currency and prompting criticism from President Klaus Iohannis and investors' associations.

Tudose also said a planned solidarity tax for top earners was still under assessment and could be enforced, and reiterated a comitment to keep the 2017 budget deficit at or under the European Union's ceiling of 3 percent of GDP. (Reporting by Radu Marinas; Editing by Luiza Ilie)

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