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Business community calls for predictability

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While the ruling coalition is still looking for effective ways to alleviate the impact of soaring energy prices and inflation amid the current budget constraints, experts agree that the risk of populist solutions is still high. In this context, the business community has called for sustainable measures to address Romania's budgetary challens. The Foreign Investors Council (FIC) emphasizes that the tax system must provide stability and predictability if Romania is to maintain an attractive business environment.

"The Foreign Investors Council considers that the current budgetary challenges must be solved through a series of sustainable measures for the Romanian economy, measures aimed at addressing current problems, but without damaging the country's economic future by overbur­de­ning companies or generating a perception of regulatory instability, and by doing so discouraging private in­vestment and reducing the compe­ti­tive advantages," an FIC press release indicates.
Quoting the latest FIC Study, the press release also notes that "the taxes paid by the FIC member companies have a significant direct contribution to supporting the State budget, the economic growth registered in Romania, as well as to building wealth. The results show a detailed picture of the major contribution of large Romanian companies with foreign capital to the state budget, the most important indicator being the level of VAT collection, which is the highest."
As for ways to supplement budget revenues without an additional financial effort from companies, FIC mentions "mechanisms that increase voluntary compliance, reduce tax evasion, and improve the collection through the digitization of ANAF." Also, foreign direct investment is seen as having a valuable contribution to economic growth.
Meanwhile, the revised April edition of the CEO Survey 2022 conducted by PwC Romania shows that optimism about Romania’s economic growth has declined since Russia launched its invasion of Ukraine. The percentage of CEOs predicting a faster GDP growth decreased to 34%, from 59% in the January edition, while those expecting a slower economic growth increased to 54%, from 26% previously.
According to the report, local business leaders put macroeconomic volatility at the top of the list of threats, 54% being extremely or very concerned about that risk. The report notes that concerns over geopolitical conflicts came second, with 43% of respondents being extremely or very concerned about that threat. Cybersecurity was third, brought up by 31% of respondents.    
In this context, find more opinions and predictions about domestic and global economic and geopolitical trends in this edition of Business Arena. As always, we will continue to keep an eye on all the issues affecting the business community.

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