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 * 4 Teiul Doamnei, Bucharest, Romania
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Our Articles


SOCIAL SECURITY TAX CUT

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The Romanian Government is trying to find ways to sustain the much debated
social security tax cut. By doing so, the Government intends to stimulate
employment in Romania and reduce the burden on labor. Recent discussions between
the Presidency and the Government have failed to provide sustainable ways to
make the cut possible. 

The cut will be made if it proves to be beneficial

The Romanian President, Traian Basescu, recently declared that he will not
promulgate the law proposed by the Government, if he is not convinced that it is
economically possible to take such a measure and that he is waiting for an
evaluation from the Government to make sure that the social security tax cut
will not be compensated by introducing new taxes. The Romanian President also
declared that he agrees to the cut as long as this guarantees that the deficit
will be improved and if the measure proves to be beneficial to the Romanian
economy. 

His point of view is also shared by the International Monetary Fund who believes
that the Romanian authorities should be prepared to present a clear set of
measures that prove that the budgetary impact created by the reduction can be
dealt with.

Proposals to sustain the social security cut

Following the request for a more documented proof that the social security tax
cut is a sustainable measure, Romania’s Prime Minister recently proposed that
the cut can be compensated by a series of measures: taxes on new jobs, VAT for
new investments, debt recovery from insolvent companies, the decrease of social
security tax evasion.

Mugur Isarescu, the governor of the Romanian Central Bank, also considers that
additional measures need to be considered, besides the social security tax
reduction, to help the overall creation of new jobs in the country.

Earlier this year, in June, the Romanian Government approved a five percent cut
in the social security tax. The measure is yet to be approved and discussions
regarding the social security tax cut are on-going. If the social security tax
cut will be considered possible, it would drop to 15.8%, a percentage that would
make Romania the country with the second lowest social security tax in the
region, after Slovakia (14%) and before Poland (16.26%).

TagsRomanian social security taxsocial security tax cut in Romania
By romanian-accountants.comOn August 1, 2023August 1, 2023
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FEATURED ARTICLES

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OUR ARTICLES

 * Income Tax in Romania
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 * How to Become an Accountant in Romania
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 * Less insolvent companies in Romania, in 2014
 * New rates for bond transactions and government securities
 * Invest in Romania’s Hydro-Power
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 * The New Insolvency Code
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