Romanian senators approved on November 1 a draft project providing that real estate developers, both companies and individuals, are exempted from paying taxes for projects that are destined for commercial use, reports local Profit.ro.

This means that the developers will pay no taxes for those buildings until they are sold or start being used. The buildings will be considered commodities, according to the bill.

The project was adopted by the senators despite the Government’s opposition. The executive has warned that the budget revenues will go down, and said that all owners must pay taxes.

editor@romania-insider.com