The draft law aimed at reforming the Fiscal Code remains a priority for the legislative program of the Romanian government which is due to submit it for public debate before the end of March 2006.

The Finance Ministry is due to add to it a series of legislative initiatives for the promotion of direct investments and the activity of institutional lenders, Ministry sources told

They said a draft regulation on the custom and fiscal regime of duty-free goods is also due to be finalized.

The Ministry also plans to press the Government to cancel a 1994 law on the creation and use of a special fund for the development and the modernization of border crossing points as well as of all other custom units before June this year.

Taking into account that the current government is preparing a new law on investments, an older law for the promotion of direct investments with high impact on the economy is targeted for cancellation as well.

The Finance Ministry and the National Bank – BNR hope to conclude a new law by October on the activity of institutional lenders and will suggest that the Government support a new law for the organization of the Financial Guard – the main financial watchdog – and the National Agency for Fiscal Administration.