Romania: legislative developments with immediate business relevance

Last week, the Government adopted the draft bill amending the Fiscal-Budgetary Responsibility Law to align Romania with the EU’s 2024 economic governance standards. The law updates public accounting and deficit reporting, strengthens the Fiscal Council’s role in evaluating budgets and providing public advice, and introduces corrective measures if public debt exceeds 60% of GDP. It also requires medium-term budget plans to assess risks from natural disasters and climate change, while enhancing transparency through standardized reporting.

After the adoption by the Government, the bill draft bill is going to be debated in the both chambers of the Parliament and, eventually, amended and approved.

The bill does not impose direct obligations on companies but strengthens fiscal discipline and budget transparency, providing a more stable and predictable economic framework. This can increase investor confidence and reduce macroeconomic risks, though deviations in public debt may trigger long-term fiscal adjustments.

Businesses should monitor fiscal policy updates and public reporting changes, evaluate potential implications for investment decisions, and factor in possible long-term adjustments in their financial planning.

The Government also adopted an emergency ordinance which amends and supplements the tax legislation in the field of excise duties and the RO e-TVA mechanism, establishing new rules for the transfer of shares, the authorization of economic operators and the wholesale trade of excisable products, in particular energy products, alcohol and tobacco. The act introduces stricter authorization conditions and financial guarantees for operators, clarifies their roles in the excise chain and establishes transitional measures for obtaining the necessary authorizations. The tax risk criteria, the rules on the advance payment of excise duties are also revised and some provisions regarding compliance notifications in the RO e-TVA system are suspended until December 31, 2026.

After the adoption by the Government, the ordinance is expected to be soon published in the Official Gazette, then to be debated in the both chambers of the Parliament and, eventually, amended and approved.

The ordinance introduces new obligations for companies that wholesale excise goods, in particular energy products, alcoholic beverages and processed tobacco, by imposing different authorization conditions and financial guarantees. At the same time, the extension of tax checks to all transfers of shares increases the level of control over corporate transactions, and changes regarding tax risk and advance payment of excise duties may influence tax compliance and cash flows of operators.

Companies must verify whether the activities carried out require obtaining a certificate or authorization and prepare the documentation for their request between March 31 and April 30, 2026. Operators must also analyze the need to establish financial guarantees and follow the secondary regulations that will establish the detailed authorization conditions.

The European Commission adopted a draft regulation called Industrial Accelerator Act which establishes a European framework for reindustrialisation, accelerating decarbonisation and reducing strategic dependencies, setting the target for the manufacturing sector to reach 20% of EU GDP by 2035. The act targets energy-intensive industries, introducing accelerated authorisation procedures and dedicated areas for the development of industrial projects. It also promotes the „Made in EU” principle through European origin criteria and stimulating demand for low-emission industrial products.

After the adoption of the European Commission, the draft regulation must be debated and adopted by both the European Parliament and the Council which could bring amendments

The regulation can create opportunities for companies in energy-intensive industries by stimulating investment and demand for low-emission industrial products. At the same time, „Made in EU” requirements and thresholds for low-carbon products can force companies to adapt their supply chains and production processes.

Companies should analyze the impact of the new criteria on the origin of products and the level of emissions on their activity. It is also important to monitor the implementation rules and identify investment or financing opportunities in industrial projects in the targeted sectors.