News › Taxand’s Take Article

Recent news concerning the energy industry

Romania
2 Sep 2012
  1. Liberalisation of electricity and gas market: the Romanian Government adopted a new law concerning the liberalisation of electricity and gas industry, transposing the EU Directives 2009/72/EC concerning common rules for the internal market in electricity and 2009/73/EC concerning common rules for the internal market in natural gas. The new legislation aims at gradually removing standard prices for end customers, developing a competitive environment and ensuring protection of end customers. The market liberalisation will be performed gradually starting with 2012 until 2018. 
  2. New marking requirements for energetic products: starting August 2012, the energetic products such as fuel oils with codes NC 2710 19 61 up to NC 2710 19 69 and other products assimilated from an excise duty perspective need to be marked with a special solvent, namely yellow 124, and coloured with blue 35. The measure was introduced in order to diminish fiscal evasion related to excise duties, by paying reduced excise duties applicable for the said oils while using them in fact as motor fuel (for which a higher duty would be due). 
  3. Accounting legislation with regard to green certificates: in August 2012 the accounting legislation was completed with provisions on bookkeeping of green certificates. Previously, the registration of such certificates was not specifically regulated by the accounting legislation. 
  4. Fines related to strategic minimum safety stocks of crude oil and petroleum products: starting July 2012, a fine ranging from 3% to 5% of the turnover apply to oil companies not complying with their obligations regarding the set up of minimum strategic stocks of crude oil and petroleum products. The level of such minimum stocks is established through a Government Decision. 
  5. Increase of excise duty for diesel fuel: starting January 2012, the level of excise duty for diesel fuel increased by approximately 4.5% to 374.00 euro/tone, respectively 316.03 euro/1,000 liters.

Taxand's Take

Taxand's Take Author