The legislative package regarding the taxation in the field of hydrocarbons will contain, in addition to a new formula for determining the royalties, an additional tax of 20% on oil and gas production that is not processed in the country. The statement was made on Wednesday by Viorel Ştefan, the new Minister of Finance, after the hearings of the Parliament’s specialized committees.

“In the royalties scheme we will impose an additional tax of 20% on profits resulted from the valorification of the natural resources, when they are not processed in Romania. If the natural resource goes into a processing unit in Romania this quota will not apply,” said the new Minister of Finance.

He added that the Royalty Law is set to be completed in the first quarter of 2017.

“We are late. For two years we are playing in overtime about royalties and this situation should be ceased,” said Viorel Stefan.