How attractive will Romania remain amid the new global financial sector rules?
Romania is still an attractive location in the international landscape marked by tighter regulation for the financial sector and banker bonus taxation, and might attract powerful banks, but only if they plan to expand their operations, not relocate their headquarters. However, when the new banking regulations are finalised, there is also the possibility of their being implemented uniformly, eliminating the chance of regulation arbitrage in search of countries with "more lenient" rules. "(...) Besides the flat profit tax, we also have skilled workforce and a banking rules system compliant with European standards," says Rodica Segarceanu, a partner of International & Corporate Tax, Deloitte Romania. Ramona Jurubita, partner, Taxation Services KPMG Romania, says the decision to move operations to another country is based on a broad range of factors, with taxation as a secondary aspect. Andra Casu, manager of the Fiscal Assistance department of Ernst & Young Romania, is of the same opinion. Source: www.zf.ro (05 March 2010)