Rompetrol CEO Dinu Patriciu: Romania needs 8-10 percent flat tax

“In Moldova, the tax on companies profit is 0. In Bulgaria, flat tax is 10 percent. Romania cannot keep missing large investments with a 16 percent flat tax,” Patriciu said.

Lowering the flat tax to 8 or 10 percent would lead to higher revenues and to economic balance and will increase the country’s stability, he told Business Standard.

Patriciu last year sold 75 percent of Rompetrol to Kazach oil and gas group KazMunaiGaz.

Rompetrol sources said that, as of last month, the company is undergoing a restructuring process and that some 1,000 employees are to be laid off by the end of the year. Compensation packages will amount to 6-9 salaries.