The Romanian Banking Employers' Council (CPBR) highlights that the banking system is already subject to over-taxation. Credit institutions currently pay corporate income tax, in addition to the provisions of Law no. 431/2023, which concerns ensuring a minimum global taxation level for multinational enterprise groups and large national groups.
Banks also pay an additional 2% tax on turnover, introduced at the end of 2023, specifically for credit institutions.
"Recent experiences have shown that the introduction of special, ad-hoc taxes has not contributed to budget consolidation, but rather has accentuated inefficiencies and waste in public spending. No concrete benefits have been identified from the application of the supplementary turnover tax or the bank asset tax, measures that were promoted in the past with similar objectives," the CPBR stated in a press release.
The CPBR further argues that a sustainable reduction of the budget deficit can be achieved through the digitisation of administration, improved tax collection, and the stimulation of private businesses.
