Romania reduces incentives' period for Ispat Sidex

Romania reduces incentives’ period for Ispat Sidex

Romanian government has recently announced that it decided to shorten profit tax exemption period for steel producer Ispat Sidex by two years upon the request of European Union (EU). Romanian government expects to join EU in 2007. Under Ispat Sidex sell off contract, which was signed in 2001, the profit tax exemption period was established for five years beginning January 2002. However the Romanian government has announced that the profit tax exemption period for Ispat Sidex will end on December 31, 2004.