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Romania Confirms Social Security Tax Cut

by Lorys Charalambous, Tax-News.com, Cyprus

15 September 2014


Romania's Chamber of Deputies has approved a cut in the social security tax paid by employers, in defiance of the IMF and despite a warning from the country's President that the move will put the country's economic stability at risk.

The Deputies voted overwhelmingly in favor of the 5 percentage-point reduction, after President Traian Basescu sent the legislation back to Parliament for a review. The upper house rejected Basescu's review request last month.

The move is expected to create a revenue shortfall of RON850m (USD25m) in the last three months of 2014, and Basescu has predicted that other taxes will have to rise following elections in November. However, the country's Finance Minister, Ioana Petrescu, believes that the move will reduce tax evasion.

TAGS: tax | economics | International Monetary Fund (IMF) | Romania | tax rates | social security

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