Controversial act on the Romanian energy market adopted – return to regulated prices and new taxes in the electricity and gas sectors

On 29 December 2018 the controversial Emergency Government Ordinance no. 114/2018 entered into force providing, inter alia, the return to regulated prices and new taxes in the electricity and gas sectors in Romania as summarized below. The draft of the EGO 114/2018 was announced by the Government just before Christmas 2018, as a total surprise …

New “greed tax” on banks

On 29 December 2018, the controversial Emergency Government Ordinance no. 114/2018 entered into force providing, inter alia, a new tax on financial assets of banks (widely known as the “Greed Tax“) as summarized below. The Greed Tax applies as of 1 January 2019 only to banking institutions, which are defined as Romanian credit institutions and …

Chaos on the Romanian energy market – proposed return to regulated prices and new taxes in the electricity and gas sectors

On 18 December 2018 the Ministry of Public Finances published a draft Emergency Government Ordinance proposing, inter alia, the return to regulated prices and new taxes in the electricity and gas sectors in Romania (“Draft EGO“), as summarized below. Main changes proposed in the power sector: Companies active in the electricity and heating sector will …

New registry for movable securities

In Romania, movable securities should be registered in a public registry in order for them to be enforceable against third parties. As of 3 December 2018, the former public registry “Electronic Archive for Secured Transactions” (“Electronic Archive“) has been replaced with a new system named the “National Registry of Movable Assets Publicity” (in Romanian: Registrul …

New Offshore Law to facilitate offshore petroleum activities

After much debate, the Law no. 256/2018 on measures necessary for implementing petroleum operations by titleholders of petroleum concessions regarding offshore petroleum perimeters (“Offshore Law“) was finally passed in November 2018 – key changes are summarized below. The Offshore Law replaces the old Government Emergency Ordinance no. 160/1999. Progressive windfall tax In addition to royalties …