Parliament endorsed Law of deoffshorization in the first reading

Parliament has approved the draft law on the modification and completion of some legislative acts - the so-called "Law of deoffshorization" at the first reading.
 
The project envisages modifications aimed at defining the notions of participant in privatization, bidder in the field of public-private partnership, economic operator, participant in public procurement procedures, as well as in  services concessions.

The proposed regulations aim to establish restrictions on participation in privatization procedures, public-private partnerships, public procurement and concessions for several categories of legal entities.

These include: the legal entities founded by subjects from jurisdictions that do not comply with international transparency standards, legal entities comprising, directly or indirectly, one or more persons registered or residing abroad.

According to the authors, the project offers an additional framework to strengthen the collection of taxes and avoid their transfer to jurisdictions that do not meet international transparency standards with the use of tax evasion mechanisms.

So as to become law, the project must be adopted in final reading. Subsequently, the Government will have to approve the methodology for establishing jurisdictions that do not implement international transparency standards and approve their lists.

 
 

 
 

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