Romania recorded the most significant economic advance among the 28 EU Member States, with a Gross Domestic Product (GDP) growth of 5.6 pct in the first quarter of 2017, against the same period in 2016, shows the third estimate released Thursday by the European Statistical Office (Eurostat).
The largest increases in the EU in January — March 2017 were registered in Romania (5.6 pct), Slovenia (5 pct), Lithuania (4,1 pct), Estonia and Latvia (each 4pct), Poland and Hungary (each with 3.8pct) and Bulgaria (3.5 pct). There were no annual GDP declines in the EU in the first three months of 2017.
On June 7th, 2017, Romania signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”). Signatories include jurisdictions from all continents and all levels of development.. The Convention implements measures included in the BEPS (Eradication of Tax Base and Profit Transfer) Project, developed jointly with the OECD and the G20. Romania will become an associated member of BEPS project.
The Romanian Parliament has finally approved the convention between Romania and the People’s Republic of China for the elimination of double taxation on income taxes and the prevention of tax evasion and avoidance of taxes, signed in Bucharest on 4 July 2016.