LEGE no. 332 332 of 29 June 2001 (* updated *) on promoting direct investment with significant impact in the economy ((updated until 1 January 2004 *)
ISSUER
PARLIAMENT
-------------- *) The initial text was published in the OFFICIAL GAZETTE no. 356 356 of 3 July 2001. This is the updated form of S.C. "Territorial Center of Electronic Computing" S.A. until January 1, 2004, with the amendments and additions made by: LAW no. 414 414 of 26 June 2002 repealed by art. 298 of LAW no. 571 571 of 22 December 2003 ; LAW no. 345 345 of 1 June 2002 , republished in the OFFICIAL GAZETTE no. 653 653 of 15 September 2003 and repealed by art. 298 of LAW no. 571 571 of 22 December 2003 ; LAW no. 571 571 of 22 December 2003 . The Romanian Parliament adopts this law + Chapter 1 General provisions + Article 1 (1) Direct investments with significant impact in the economy mean investments with a value exceeding the equivalent of 1 million U.S. dollars, realized in the forms and modalities provided by this law and contributing to the development and The modernization of Romania's economic infrastructure, determines a positive effect of training in the economy and creates new jobs. ... (2) This law applies only to new investments that fall within the provisions of par. ((1) and are made after the entry into force of this law by private individuals or legal entities. ... + Article 2 Participation in direct investments with significant impact in the economy can be achieved only with liquid capital in lei or in freely convertible currency. + Chapter 2 Definitions and fields of application + Article 3 Within the meaning of this law, the following terms are defined as follows: a) the date of commissioning of the investment is the date of conclusion of the final reception minutes; ... b) the accelerated depreciation consists in the inclusion on operating expenses in the first year of operation of a depreciation of 50% of the entry value of the fixed means, according to the provisions Law no. 15/1994 on the depreciation of capital immobilized in tangible and intangible assets, republished, with subsequent amendments and completions. ... + Article 4 New direct investments with significant impact in the economy can be carried out in all fields of activity, except for the financial, banking, insurance-reinsurance sectors, as well as those regulated by special laws, in compliance with following conditions: a) not to violate the rules for the protection of the environment; ... b) not to prejudice the national security and defence interests of Romania; ... c) not to harm public order, health or morals. ... + Article 5 New direct investments whose value exceeds 1 million U.S. dollars or the equivalent in lei or other convertible currencies and which will actually be achieved within a maximum period of 30 months from the date of statistical registration at the Ministry Development and Forecast benefit from the facilities mentioned in the head. IV. + Article 6 New direct investments, founded as being of major interest to the national economy, will be presented to the Department for Relations with Foreign Investors. + Article 7 (1) If an investment meets the conditions to benefit from facilities granted by several laws, the investor will have to opt explicitly for a single regime of facilities. ... (2) The granting of the facilities provided by this law implies by law the waiver of the facilities provided by other laws. ... + Chapter 3 Guarantees + Article 8 Investments made in Romania cannot be expropriated, except for the cause of public utility. Taking such a measure is non-discriminatory and is carried out only in accordance with the provisions of the law + Article 9 New direct investments made according to the provisions of this law benefit from the legal regime established by it for their entire duration of existence. + Article 10 Foreign investors also benefit from the following rights: a) to transfer in full abroad the profits due 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; ... b) to transfer abroad, in foreign currency, the amounts obtained from the sale of shares or shares, as well as those resulting from the liquidation of investments, under the conditions of the foreign exchange regime in Romania; ... c) to transfer abroad, in the currency of the investment, the amounts obtained as compensation, in the situation provided in art. 8. ... + Article 11 Foreign investors will benefit from all the rights provided for in bilateral agreements for the promotion and mutual guarantee of investments, signed by Romania with their home states. + Chapter 4 Facilities + Article 12 (1) Technological machinery, installations, equipment, measuring and control devices, automation and software products, purchased from import, which meet the conditions provided in par. (3), necessary for the realization of the investment, are exempted from the payment of customs duties according to the list approved by joint order of the Minister of Development and Forecast and the Minister of Public Finance. ... ((2) Abrogat. ... (3) For the purposes of this law, the goods referred to in paragraph 1. ((1) are considered new goods if they were produced no more than one year before their entry into the country and have never been used. ... (4) The conditions established in par. (3) shall also apply to the goods provided in par. (1), manufactured in Romania. ... ------------- Alin. ((2) art. 12 was repealed by LAW No. 345 345 of 1 June 2002 published in MONITORUL OFFICIAL no. 371 of June 1, 2002, republished in the OFFICIAL GAZETTE no. 653 653 of 15 September 2003. LAW no. 345 345 of 1 June 2002 has been repealed by art. 298 of LAW no. 571 571 of 22 December 2003 , published in MONITORUL OFFICIAL no. 927 927 of 23 December 2003. + Article 13 Repealed. ------------- * *) Alin. ((1) of art. 13 13 to be repealed with effect from 1 January 2005 LAW no. 414 414 of 26 June 2002 published in MONITORUL OFFICIAL no. 456 456 of 27 June 2002. LAW no. 414 414 of 26 June 2002 has been repealed by art. 298 of LAW no. 571 571 of 22 December 2003 , published in MONITORUL OFFICIAL no. 927 927 of 23 December 2003. Article 13 was repealed by art. 298 of LAW no. 571 571 of 22 December 2003 , published in MONITORUL OFFICIAL no. 927 927 of 23 December 2003. + Article 14 Repealed. ------------- * *) Article 14 was to be repealed with effect from 1 January 2005 LAW no. 414 414 of 26 June 2002 published in MONITORUL OFFICIAL no. 456 456 of 27 June 2002. LAW no. 414 414 of 26 June 2002 has been repealed by art. 298 of LAW no. 571 571 of 22 December 2003 , published in MONITORUL OFFICIAL no. 927 927 of 23 December 2003. Article 14 has been repealed by art. 298 of LAW no. 571 571 of 22 December 2003 , published in MONITORUL OFFICIAL no. 927 927 of 23 December 2003. + Chapter 5 Competent institutions, registration and procedures + Article 15 (1) The Ministry of Development and Forecast, in collaboration with the Department for Relations with Foreign Investors, ensures the coordination of the uniform application of Government policy at central and local level in the field of stimulation and promotion of investments direct. ... (2) In order to achieve this objective the Ministry of Development and Forecast, together with the Department for Relations with Foreign Investors: ... a) collaborate directly with governmental and non-governmental institutions at the central and local level involved; ... b) coordinate the activity of domestic and international promotion of direct investments in Romania, ensuring the achievement of the objectives of the national strategy in this field; ... c) acts, including through consultations with Romanian and foreign investors, with professional organizations, with employers and with the Chamber of Commerce and Industry of Romania and Bucharest Municipality for the permanent maintenance of a business environment promoting direct investment, by ensuring legislative harmonisation in the field, simplifying procedures and eliminating administrative barriers; ... d) inform the Government and the Prime Minister on any complaints from investors regarding deviations from legal proceedings and regulations, from professional ethics, as well as to any other acts committed voluntarily or from fault, affecting the business environment, initiating or carrying out investments in Romania; ... e) participate and represent Romania in the works of international institutions and associations in the field of direct investment promotion ... + Article 16 The Ministry of Development and Forecasting, in collaboration with the Department for Relations with Foreign Investors, will provide, on request, specialized technical assistance to investors who fall under the provisions of this law. + Article 17 Ministries, other central and local public administration bodies, as well as all institutions with powers in issuing opinions, authorizations and licenses are required to ensure the operative resolution of investor requests related to starting and carrying out their work. + Chapter 6 Tracking of investment and penalties + Article 18 (1) If the companies that have made investments defined according to art. 1 voluntarily liquidate in a period of less than 10 years, they will be required to pay the taxes established according to the law for the entire duration of the investment, as well as the increases of late payment of taxes and fees that should have been paid in the absence of facilities, calculated according to the legislation in force. ... ((2) Amounts due according to par. (1) shall be paid as a priority from the results of the liquidation ... + Article 19 The investor's alienation of the goods provided in art. 12 within a period of less than 2 years after the introduction into the country or from their purchase will attract payment of the value of the facilities it benefited from, as well as the increases of late payment of taxes and fees that should have been paid in the absence of facilities, calculated under the legislation in force. + Chapter 7 Final provisions + Article 20 (1) The letters between the investors and the Romanian authorities regarding the rights and oblibations provided for in this law shall be settled by the administrative courts, according to the procedure established by Law of Administrative Litigation no. 29/1990 . ... (2) The provisions of the Convention for the Settlement of Disputes Relating to Investment Between States and Persons of Other States, concluded in Washington on 18 March 1965 and ratified by Romania, remain applicable in its field of incidence Decree of the State Council no. 62/1975 , published in the Official Bulletin, Part I, no. 56 56 of 7 June 1975. ... This law was adopted under the conditions of art. 113 of the Romanian Constitution, following the employment, at the joint meeting of June 19, 2001, of the Government's responsibility before the Chamber of Deputies and the Senate. CHAMBER OF DEPUTIES PRESIDENT VALER DORNEANU SENATE PRESIDENT NICOLAE VACAROIU -------
