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Law No. 71 Of 16 July 1994 Concerning The Granting Of Additional Facilities Towards The Law. 35/1991 Republished, In Order To Attract Foreign Investors In The Industry

Original Language Title:  LEGE nr. 71 din 16 iulie 1994 privind acordarea unor facilităţi suplimentare fata de Legea nr. 35/1991, republicată, pentru atragerea de investitori străini în industrie

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LEGE No. 71 of 16 July 1994 on the granting of additional facilities to Law no. 35/1991 , republished, for the attraction of foreign investors in the industry
ISSUER PARLIAMENT
Published in OFFICIAL MONITOR NO. 189 of 22 July 1994



The Romanian Parliament adopts this law + Article 1 Companies that are established, according to the law, in the field of industry, with foreign capital participation, to which the contribution subscribed by the foreign investor is paid in the amount of at least $50 million U.S. to the company's account open to a bank, the Romanian legal person, and who realize, within the period and according to the provisions of the company contract, production with a value degree of integration in Romania of at least 60% and an export of at least 50% of the value of the production annually, benefit from the following facilities: a) exemption from the payment of customs duties, for a period of 7 years starting from the date of registration of the commercial company, machinery, machinery, installations, import equipment necessary for the investment, subscribed as contribution in kind or paid from own sources, attracted or borrowed; b) exemption from the payment of customs duties, for a period of 7 years calculated from the date of registration of the company, of the raw materials, consumable materials, spare parts and components imported for the company's own production, paid from own sources, attracted or borrowed; c) exemption from corporation tax for a period of 5 years from the date of obtaining profit, but not more than 7 years from the date of commencement of productive activity. + Article 2 If, within a period of 14 years calculated from the date of registration, the company reduces its share capital so that the participation of the foreign investor falls below the minimum of 50 million U.S. dollars or dissolves voluntarily, she will be obliged to pay all taxes and fees that would have been applied to her for the entire duration of operation, in the absence of the facilities she benefited from, including those she was dispensed with during the exemption period. This law was adopted by the Senate at the meeting of June 20, 1994, in compliance with the provisions of art 74 74 para. (2) of the Romanian Constitution. SENATE PRESIDENT prof. univ. dr. OLIVIU GHERMAN This law was adopted by the Chamber of Deputies at the meeting of June 20, 1994, in compliance with the provisions of 74 74 para. (2) of the Romanian Constitution. p. CHAMBER OF DEPUTIES PRESIDENT RADU BERCEANU -----------------