Four new private equity and venture capital funds worth over EUR 100 million, with the EU as major investor, have appeared on the Romanian market in the last year, targeting the growing local entrepreneurial ecosystem. EU money could become a critical building block for the future of entrepreneurship, as the government recently rolled out a new taxation package for large companies that might inhibit future investments and hurt the economy, warn commentators. By Ovidiu Posirca The focus of EU funds on Romanian entrepreneurship comes just as the government decided to increase the tax burden for banks, utility firms and telecom players. Entrepreneurs and small businesses may face a double whammy as financial groups could move to tighten lending restrictions and restrict access to funding. Meanwhile, companies in the financial, energy and telecom industries have been backing acceleration programs for start-ups. Some banks have even bought stakes in Romanian startups, for instance in the fintech sector. It’s not clear if these companies will continue to fund initiatives designed to promote entrepreneurship in Romania under the new fiscal conditions. “My supposition is that the taxation of banks’ assets and the economic turbulence in Romania will clearly impact established strategies. One of the… Read full this story
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