Changes in offshore legislation within EU will directly impact wealthy luxury consumers
The changes in offshore legislation within the European Union will have a dramatic effect on the wealthiest luxury consumers. Romania is one of the latest E.U. members to consider changes to the regulations regarding fiscal paradises. Yet, some members of the Parliament and fiscal experts consider that Romanias 16% corporate tax would already qualify Romania as an offshore territory. As a comparison UKs corporate tax is at 30%.
We estimate that this legislation change would ebb the buying power of the luxury consumers by at least 20% within 2 months from the implementation.