Law No. 57 Of 10 July 1993 For The Modification And Completion Of The Law #. 35/1991 On Foreign Investment Regime

Original Language Title:  LEGE nr. 57 din 10 iulie 1993 pentru modificarea şi completarea Legii nr. 35/1991 privind regimul investiţiilor străine

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LAW No. 57 of 10 July 1993 for the modification and completion of the law #. 35/1991 on foreign investment regime published in PARLIAMENT ISSUING the OFFICIAL GAZETTE NR. 160 of 14 July 1993, the Romanian Parliament adopts this law.

Article 1, law No. 35/1991 on foreign investment regime, as published in the Official Gazette of Romania, part I, no. 73 of 10 April 1991, alter and completed as follows: 1. Article 2 (d)) shall read as follows: "(d) the revenue and profits from) activities undertaken in Romania, as well as goods and values obtained according to law, after payment of taxes and fees provided for by law."
2. In article 9 (c)) shall read as follows: "(c)) to pass on in full the annual profits earned abroad what li deserves, according to currency regime from Romania, after payment of taxes, fees and other obligations provided for by the legislation of Romanian;"
3. Article 9 (e)) shall read as follows: "e) to transfer abroad the amounts resulting from the sale of the shares, bonds, social parties or other effects on trade, as well as those resulting from the liquidation of investments, according to the currency regime from Romania;"
4. Article 9 f) is repealed.
5. Article 10 shall read as follows: ART. 10.-foreign investment made under the provisions of this law shall enjoy the legal regime established through this entire length of existence, insofar as a subsequent law contains more favourable provisions. "
6. Article 12 shall read as follows: ART. 12.-Cars, machinery, installations, equipment, means of transportation and any other goods imported required investment, provided as input in nature or purchased from a cash contribution of foreign investor to increase the share capital thereof, shall be exempt from customs duties. "
7. Article 13 shall read as follows: ART. 13.-are exempt from payment of customs duties on raw materials, consumables, spare parts and components imported, necessary and actually used in production over a period of two years, calculated from the date of putting into operation of the lens or, where applicable, from the date of commencement of the activity in relation to the legal status of foreign investment. "
8. In article 14 (a)) shall read as follows: "to those in the industry), agriculture, construction, exploration and exploitation of natural resources, for a period of 5 years from the date of commencement of the productive activity;"
9. Article 14 (b)) shall read as follows: "(b)) those performed in communications and transportation, for a period of 3 years from the date of commencement of the activities in question;"
10. According to paragraph 1 of article 14, insert a new paragraph with the following: "foreign investment. and (b). to benefit from the provisions of paragraphs 1 and 2). 1 provided that the foreign investor contribution actually paid up in cash and in kind, to represent at least 20% of the share capital of the company, but no less than $ 10,000 S.U.A. foreign investments which do not fulfil these conditions shall be subject to the provisions of the common law. "
11. Article 16 is hereby repealed.
12. Paragraph 1 of article 17 is repealed.
13. Paragraph 2 of article 17 shall read as follows: "For investments in areas of special interest in the national economy, the Government, through the law may grant additional facilities."
14. Chapter IV change Name and will have the following wording: "promotion and registration of foreign investments" 15. Article 25 shall read as follows: ART. 25.-receipts and payments transactions relating to foreign investments are made through accounts opened at banks established in Romania or headquartered abroad, according to the regulations of the National Bank of Romania.
Companies with foreign participation and foreign investors are available upon availability from their own accounts. Companies can keep the accounts in foreign currency deposited amounts as contribution to the share capital. "
16. Article 26(2) shall read as follows: ART. 26.-accounts financial contribution feeds of investors, from loans and of the receipts. "
17. Article 28 shall read as follows: ART. 28.-operations companies with foreign participation of foreign investors is carried out on the basis of commercial contracts concluded according to law, the prices agreed upon. "
18. Article 29(3) shall read as follows: ART. 29. Foreign Payments-including proper rights to foreign investors, shall be made from the cash accounts or by buying the currency at the exchange rate. "

Article 2 Law No. 35/1991 on foreign investment regime, with the changes and additions brought about by this law, shall be in the Official Gazette of the Republic of Romania, Rosca articles a new numbering.
This law was passed by the Senate and Chamber of Deputies sitting in the commune of 23 June 1993, in compliance with the provisions of art. 74 para. (1) and art. 76 para. (2) of the Constitution of Romania.

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