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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

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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LEGE No. 57 of 10 July 1993 to amend and supplement Law no. 35/1991 on foreign investment regime
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR NO. 160 of 14 July 1993



The Romanian Parliament adopts this law + Article 1 Law no. 35/1991 on the foreign investment regime, published in the Official Gazette of Romania, Part I, no. 73 of 10 April 1991, shall be amended and supplemented as follows: 1. Article 2 (d) shall read as follows: "d) incomes and profits from activities carried out in Romania, as well as goods and values provided under the law, after payment of taxes and fees provided by law." 2. Article 9 (c) shall read as follows: "c) to transfer in full abroad the annual profits obtained to them, under the conditions of the foreign exchange regime in Romania, after the payment of taxes, duties and other obligations provided by the Romanian legislation;" 3. Article 9 (e) shall read as follows: "e) to transfer abroad the amounts obtained from the sale of shares, shares, bonds or other trade effects, as well as those resulting from the liquidation of investments, under the conditions of the foreign exchange regime in Romania;" 4. Article 9 (f) shall be repealed. 5. Article 10 shall read as follows: "" ART. 10. -Foreign investments made according to the provisions of this law benefit from the legal regime established by it for the entire duration of existence, in so far as a subsequent law does not contain more favorable provisions. " 6. Article 12 shall read as follows: "" ART. 12. -Machines, machinery, installations, equipment, means of transport and any other import goods necessary for the investment, constituted as a contribution in kind or purchased from the cash contribution of the foreign investor to the share capital or to its increase, shall be exempted from the payment of customs duties. '; 7. Article 13 shall read as follows: "" ART. 13. -The raw materials, consumable materials, spare parts and components imported, necessary and actually used in their own production over a period of 2 years, calculated from the date of commissioning of the goods, are exempt from the payment of customs duties. the objective or, where appropriate, from the date of commencement of the activity, in relation to the legal form of foreign 8. Article 14 a) shall read as follows: "" a) those carried out in industry, agriculture, construction, exploration and exploitation of natural resources, for a period of 5 years from the date of commencement of productive activity; " 9. Article 14 (b) shall read as follows: "" b) those carried out in the field of communications and transport, for a period of 3 years from the start of those activities; " 10. After paragraph 1 of Article 14, a new paragraph is inserted, with the following contents: " Foreign investments provided in art. 1 lit. a) benefit from the provisions of para. 1 provided that the contribution of the foreign investor actually paid up, in cash and in kind, represents a minimum of 20% of the share capital of the company, but not less than $10,000 U.S. Foreign investments which do not fulfil these conditions shall apply to the provisions of common law. " 11. Article 16 shall be repealed. 12. Paragraph 1 of Article 17 shall be repealed. 13. Paragraph 2 of Article 17 shall read as follows: "For investments made in areas of particular interest in the national economy, at the proposal of the Government, additional facilities can be granted by law." 14. The name of Chapter IV shall be amended and shall have the following wording: "" Promotion and registration of foreign investments " 15. Article 25 shall read as follows: "" ART. 25. -The operations of receipts and payments on foreign investments are carried out through open accounts with banks based in Romania or with headquarters abroad, according to the regulations of the National Bank of Romania. Companies with foreign participation and foreign investors have the availability of their own accounts. Companies may keep in accounts the amounts in foreign currency deposited as an contribution to the share capital. " 16. Article 26 shall read as follows: "" ART. 26. -The accounts shall be fed from the financial contribution of the investors, from the loans contracted and from the proceeds. " 17. Article 28 shall read as follows: "" ART. 28. -The operations of companies with foreign participation and of foreign investors shall be carried out on the basis of commercial contracts concluded under the law, at the agreed prices. " 18. Article 29 shall read as follows: "" ART. 29. -Foreign currency payments, including the rights due to foreign investors, shall be made from the availability of own accounts or by buying currency at the rate of the day. " + Article 2 Law no. 35/1991 on the regime of foreign investments, with the amendments and completions brought by this law, will be republished in the Official Gazette of Romania, giving the articles a new numbering. This law was adopted by the Senate and the Chamber of Deputies in the joint sitting of 23 June 1993, in compliance with the provisions of art. 74 74 para. ((1) and art. 76 76 para. (2) of the Romanian Constitution. CHAMBER OF DEPUTIES PRESIDENT ADRIAN NASTASE SENATE PRESIDENT prof. univ. dr. OLIVIU GHERMAN -------------