A draft law recently unveiled in Romania will introduce a temporary 60% income tax on gas producers in the country from February, including those operating in the country's Exclusive Economic Zone on the Black Sea.
The move will affect Romgaz, Romania's state-owned gas producer, and Petrom, which is owned by OMV of Austria.
The 60% tax will apply to additional income earned from prices rises stemming from the recent deregulation of Romania's energy market. However, the tax will not apply to income derived from new capacity developed after the law comes into force. It is envisioned that the tax will remain in place until the end of 2014, when new royalties will be put in place.
Plans for the tax were announced by Finance Minister Liviu Voinea in August 2012, and a new regulatory and tax regime for oil and gas was promised in October as part of a wide-ranging reform agenda to reduce the deficit.