Energy reforms: three case studies

Patrick CrowWashington, D.C. Continuing a global trend, three very different nations recently launched efforts to liberalize their energy policies. Romania's new government revamped its tax system to encourage investment, particularly energy investments. Prime Minister Victor Ciorbea's cabinet lowered the income tax for foreigners from 25% to 20%, the same as for Romanians. Although the corporate tax rate will remain at 38%, companies now can deduct their losses from the past 5 years, up from 3 years. The government cut taxes on oil and gas production to attract foreign investment, while raising taxes on fuels. Foreign oil firms ...

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