He added that Romania’s pledges to the IMF and the European Union will be honoured and that the liberty to incorporate an own vision of governing and resettle priorities will be left to the future Government, which would be installed by Christmas, but with a proviso that the Government deficit should not exceed 5.9 percent of the Gross Domestic Product (GDP).
Geoana said that a consultation with the political parties making up a 65 percent parliamentary majority will be held in the day to find a convenient judicial and political formula to break the 2010 Budget deadlock. ‘We will try to allow the current Government, which finds itself in an awkward position, to submit to Parliament a blueprint of the Budget with a 5.9-percent-of-the-GDP deficit,’ said Geoana, adding that parliamentarians will table amendments to the draft and the minutiae of the Budget will be left for the finance minister and the prime minister of the future government.
Geoana argued that increasing taxes now would be a mistake and is not worth considering. He also argued that the minimum mandatory tax on companies should be eliminated and solutions sought to offset Government income losses, while the tax exemption on stock exchange transactions should stay in place. Geoana also underscored that the conditions before the crisis that allowed Romania to attract foreign investment will not be repeated and that the business climate will be the key for the future to draw foreign direct investment. Taxation, he said, is an important element, yet predictability will matter more.
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