Romania’s Finance Ministry is working on a finance code for the local authorities, which should be separate from the Fiscal Code and should include rules for setting and collecting local taxes and fees, reports local Profit.ro.

The project is part of the broader approach by central authorities to leave more freedom for local authorities over taxes.

"The local public finance code should include all regulations for local authorities, including how to set up the budget, how to spend money, how to finance services,” said Finance Minister Viorel Stefan.

The state would leave greater leeway to local authorities for resource management and would mainly intervene to correct development imbalances in Romania’s different regions, he added.

The local public finance code and the current Fiscal Code will be part of the Economic Code. It will include all the laws that guide a company’s economic activity.

editor@romania-insider.com