The current system of royalties for Romania's natural resources will continue for another year and will be replaced by a new one starting January 1, 2016, said Finance Minister Ioana Petrescu, quoted by Agerpres.

The new royalty fees have been discussed with the International Monetary Fund (IMF), according to Petrescu. A draft law on the new taxation system has already been prepared and consultations with industry representatives will start soon, the Minister said. The new fees will stay in place for the next 10-15 years, the local authorities hope.

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