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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

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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LEGE No. 66 of July 8, 1992 on the granting of facilities for the attraction of foreign capital in the field of exploration and exploitation of oil and gas fields
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR NO. 166 of 17 July 1992



The Romanian Parliament adopts this law In order to attract foreign capital in the exploration and exploitation activities of oil and gas fields, including those aimed at increasing the final recovery factor in deposits, pursuant to art. 17 17 of Law no. 35/1991 the present law is adopted, which regulates the facilities that can be granted to foreign investors who contract the execution of works in this field. + Article 1 Foreign investors who contract the execution of oil and gas exploration and exploitation works and the division of production, including those aimed at increasing the final recovery factor in the deposits, benefit from the . 1. on the tax on profit made from the activities provided by this Law: a) making the payment of the profit tax by the Romanian contracting party, on behalf of the foreign investor, and the issuance, year, by the Romanian tax authorities of a certificate on making this payment; the amounts thus paid are considered income for the foreign investor and expenses for the Romanian contracting party, which will cover them from an additional share of the production obtained, negotiated accordingly to the granting of this facility; or b) payment of the corporate tax at the level of the tax rates provided by the law in force at the time of conclusion 2. on customs duties: a) the exemption from customs duties of imports, carried out by the foreign investor or its subcontractors, of goods necessary for the execution of exploration, exploitation or increase of the final degree of recovery of oil deposits and gas; b) exemption from customs duties of import of household goods and personnel, necessary for the foreign personnel of the investor, affiliated companies and its foreign subcontractors; goods that are exempt from import duties shall be nominate in the annexes to the contract; c) the exemption from customs duties of the export of oil and gas quotas due to the foreign investor from the division of production, as well as the export of goods imported by him and his foreign staff, under the conditions provided by lett. b). + Article 2 Outside the facilities provided in art. 1, foreign investors and their related companies, as well as their foreign personnel, shall exempt themselves from the payment of any taxes and fees, other than those set out in the Annex to this Law, for activities directly related to the object of the contract. + Article 3 The foreign investor has the right to receive, remit or detain abroad, with tax exemption, and to use without restrictions the income made from the sale of oil and gas, which come from his quota. If from such sales made in Romania obtain the local currency in excess of immediate needs, the foreign investor has the right to convert it into convertible currency, under the law, to freely remit it and to hold it in Abroad. + Article 4 For the current establishment of the obligations that the Romanian contracting party takes over, according to art. 1 1 section 1 lit. a), on behalf of the foreign investor, for the duration of the execution of the contracts the tax laws in force at the time of their conclusion + Article 5 The facilities that are granted to foreign investors, according to this law, are established, for each contract, for the entire duration of the contract, which cannot be more than 30 years. The contracts will be concluded with the entry into force on the date of their approval by the Government. This law was adopted by the Chamber of Deputies at its meeting on June 25, 1992, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. CHAMBER OF DEPUTIES PRESIDENT MARTIAN DAN This law was adopted by the Senate at the meeting of June 29, 1992, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. SENATE PRESIDENT academician ALEXANDRU BIRLADEANU + Annex 1 TAXES AND FEES for which payment exemption is not granted 1. Tax on income in the form of salary and other taxable salary rights according to the law 2. Notary fees 3. stamp duty 4. Taxes for formalities, issuance of certificates, authorizations and other documents 5. Fees for performing services 6. Taxes for opening bank accounts (bank charges, bank fees) 7. License fees 8. Taxes for registrations, mentions and radiations in the Trade Register 9. Taxes for acts and information provided by the Trade Register 10. Fees and rents in connection with the contractual surface 11. Arbitration fees 12. Other taxes-visa fees, residence fees, road taxes, airport charges, other such taxes-set by law or local public administration authorities. --------------