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Romania’s State-Firms Must Cede 85% of Profit, Mediafax Says

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Dec. 28 (Bloomberg) -- Romania’s state-owned companies must transfer 85 percent of their profits to the state budget next year, Mediafax reported today, citing Finance Minister Gheorghe Ialomitianu.

The country’s government approved a memorandum that lowered the percentage from the profit of state-owned firms which must be transferred to the state budget from the current 90 percent, according to the Bucharest-based news service.

Romania will not increase taxes in 2012, Ialomitianu also said, according to Mediafax.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net