In January, ZSE observed an average daily turnover of roughly EUR 0.74m (-62% YoY).

The Zagreb Stock Exchange published their trading statistics for January 2019, posting an average daily turnover of roughly EUR 0.74m, which represents a decrease of 48% MoM and a decrease of 62% YoY. . However, the decrease in average daily turnover did not go hand in hand with total equity market capitalization (+1%) which amounted to EUR 18bn.    

Of the total value traded in the period (excluding block transactions), Adris generated 14%, followed by HT with 13%, Valamar with 12%, Arena Hospitality and Maistra with 7%. These 5 companies generated more than half of the turnover recorded for the entire market.

Ina’s share price still has the biggest influence on the total exchange equity market capitalization, accounting for about 24% of the total value. Next come two Croatian banks – Zagrebacka Banka and PBZ with 15% and 11%, respectively. Afterwards, HT holds 10% while Adris recorded 4% of the total market capitalization value.

Turning our attention to indices, most of them finished green, with CROBEXtransport observing the highest increase of 9.1%. CROBEXindustrija (industry) follows with an increase of 4.3%. The worst performing index was CROBEXturist (tourism), which decreased by 3%. Note that CROBEX observed a slight increase of 0.7%.

The exclusion of some components from the tax base avoids accumulation of the tax liabilities on logistics chains in the energy sector, which would have occurred in the first version of the tax.

According to the media, ANRE’s 2% turnover tax excludes certain components from the tax base computation which include: wholesale acquisition price, distribution, transportation, system and market services, storage, CHP contribution and excise.

The exclusion of some components from the tax base avoids accumulation of the tax liabilities on logistics chains in the energy sector, which would have occurred in the first version of the tax.

When it comes to gas suppliers, which also act as producers, such as Romgaz, OMV Petrom, royalties paid for natural gas extraction will be eliminated from the tax base.

A decision will be made with the central bank, which may modify the internal rules for interest rates on the interbank market without having need Parliament’s consent.

According to the media, the Romanian Government wants to discuss with the National Bank of Romania (NBR) a possible change to the ROBOR index calculation formula or its removal as a solution to avoid paying the asset tax. A decision will be made with the central bank, which may modify the internal rules for interest rates on the interbank market without having need Parliament’s consent.

As a reminder, at the end of 2018, the Government adopted an Emergency Ordinance that introduces new taxes in several sectors of the economy, including the banking sector. According to the Ordinance, bank assets are taxed when the ROBOR average quarterly exceeds the 2% threshold, the tax system being progressive according to ROBOR.