March 20, 2019 / 11:15 AM / in a month

Romania finance minister plans to lower bank tax on March 28

BUCHAREST, March 20 (Reuters) - Romania’s government could lower a bank tax to 0.2-0.4 percent of banks’ financial assets based on their market share as well as exempt some assets from the tax, Finance Minister Eugen Teodorovici said on Wednesday.

Bucharest introduced the tax in December, saying at the time it would be tied to money market rates and that it could go as high as 0.9 percent. It has received widespread criticism.

Teodorovici, who has met banks’ representatives’, also said banks had until Thursday to send their assessment of the proposed changes, which could include a new reference rate for household loans and conditions to narrow the difference between banks’ interest rates on loans and deposits.

The government could approve the changes via emergency decree on March 28, Teodorovici added. (Reporting by Luiza Ilie Editing by Radu Marinas)

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