Law No. 66 Of 8 July 1992 Concerning The Grant Of Facilities To Attract Foreign Capital In The Field Of Exploration And Exploitation Of Deposits Of Oil And Gas

Original Language Title:  LEGE nr. 66 din 8 iulie 1992 privind acordarea unor facilităţi pentru atragerea de capital străin în domeniul explorării şi exploatării zăcămintelor de petrol şi gaze

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Law No 66 of 8 July 1992 concerning the grant of facilities to attract foreign capital in the field of exploration and exploitation of deposits of oil and gas ISSUER, the PARLIAMENT Published in MONITORUL OFICIAL NR. 166 of 17 July 1992, the Romanian Parliament adopts this law.
In order to attract foreign capital in exploration and exploitation of oil and gas deposits, including those aimed at increasing the ultimate recovery factor from deposits, pursuant to art. 17 of law No. 35/91 is adopted this law, which regulates facilities that might be granted to foreign investors which incurs the performance of works in this field.

Article 1 foreign investors who take the execution of exploration and exploitation of oil and gas reserves and production Division, including those aimed at increasing the ultimate recovery factor from deposits, receive the following amenities: 1. income tax on profits made from activities covered by this law: a) the payment of tax on the profit of the Romanian Contracting Party on behalf of the foreign investor, and release year, by Romanian tax authorities certificate relating to such payments; the amounts so paid are considered income and expenses for the foreign investor for the Contracting Party, who will then Romanian cover from an additional share of the production obtained, corresponding to grant this facility negotiated; or (b) the tax on profit) at the level of tax allowances provided for by the law in force at the date of conclusion of the contract;

2. concerning customs duties: a) the exemption from customs duties on imports effected by the foreign investor or its subcontractantii, of goods required for the execution of exploration, operation times of the final degree of recovery of oil and gas deposits;

b) exemption from customs duties to imports of household effects and personal, required foreign staff of affiliated companies, investor and foreign subcontractors; goods which are exempt from import duties is in the appendices to the contract nominates;

c) exemption from customs duties and export quotas for oil and gas due to the investor from foreign production Division as well as the export of goods imported by it staff or foreigner, under subparagraph (a). Article 2 b). Besides the facilities referred to in article 1. 1, foreign investors and affiliates thereof, as well as their foreign staff are exempted from paying any taxes and duties other than those set out in the annex to this law, for activities directly related to the subject of the contract.

Article 3 Foreign Investor is entitled to receive, to withhold or remit abroad, free of charge, and to use without restriction the income from the sale of oil and gas, which are derived from its share. Where such sales made in Romania get local currency in excess of immediate needs, the foreign investor shall be entitled to convert the convertible currency, in accordance with the law, to submit to the retina and abroad.

Article 4 in order to establish the current obligations on the Contracting Party overtakes them, according to the Romanian art. 1, point (b). on behalf of the investor), throughout the duration of the execution of contracts applies to the tax laws in force at the time of their conclusion.

Article 5 the facilities to be granted to foreign investors, according to this law, shall be established for each contract in hand, the entire duration of the contract, which may not be longer than 30 years.
Contracts shall be concluded with the clause comes into force on the date of their approval by the Government.
This law was adopted by the Chamber of deputies at its meeting on 25 June 1992, in compliance with the provisions of art. 74 para. (2) of the Constitution of Romania.
PRESIDENT of the CHAMBER of DEPUTIES This MARTIAN DAN law was adopted by the Senate at its meeting on 29 June 1992, with due regard for the provisions of article 7. 74 para. (2) of the Constitution of Romania.
Academic SENATE PRESIDENT ALEXANDRU BÂRLĂDEANU Annex 1 TAXES and FEES for which no relief shall be granted from payment 1. Income in the form of salary and other rights under the law are taxable wage 2. Notary fees 3. Stamp duties 4. Fees for ADO, releasing certificates, authorizations and other documents 5. Fees for services 6. Fees for opening bank accounts (Bank expenses, bank fees) 7. Licence fees 8. Fees for registrations, entries and removals in commercial register 9. Fees for documents and information provided by the commercial register 10. Fees and rents in connection with contractual area 11. Arbitration fees 12. Other charges-visa fees, residence fees, tolls, airport fees, other fees-laid down by law or by local public administration authorities.

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