The National Securities Commission (CNVM) wants to change the status of CO2 certificates from commodities to securities to gain a new fee source, but the Finance Ministry does not agree with the idea as it would lose the VAT applied to trades in these certificates. The stake of emission certificates in the case of the state is the 24% VAT going to the budget, which would be lost should the certificates come to be viewed as securities, while the CNVM would stand to gain from the 0.08% fee applied to trades with such certificates and brokers from fees of as much as 1% from the value of transfers. The biggest CO2 certificate trader in Romania, KDF Energy estimates the value of domestic transfers last year reached 350m euros and expects the market to go down to around 200m euros this year. Finance officials say all current CO2 certificate trades carry VAT, as these are considered services providing. They also say that none of EU directives on VAT exemption for emission certificate transfers applies in Romania. CNVM plans to change the status of emission certificates into securities, saying this would lead to much lower costs related to their trading and the possibility of their trading on a regulated market where prices are set transparently.

The National Securities Commission (CNVM) wants to change the status of CO2 certificates from commodities to securities to gain a new fee source, but the Finance Ministry does not agree with the idea as it would lose the VAT applied to trades in these certificates. The stake of emission certificates in the case of the state is the 24% VAT going to the budget, which would be lost should the certificates come to be viewed as securities, while the CNVM would stand to gain from the 0.08% fee applied to trades with such certificates and brokers from fees of as much as 1% from the value of transfers. The biggest CO2 certificate