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Romania May Introduce New Reduced VAT Rate

by Tatiana Smolenskaya, Tax-News.com, Moscow

22 June 2015


Romania's lower house of Parliament has approved plans to introduce a new reduced rate of VAT for cultural services, lower value houses, and printed media.

The new five percent VAT rate would apply to books, newspapers, and magazines, and to tickets to museums, monuments, cultural events, cinemas, and sporting events.

The rate would also be applied to sales of private dwellings with a value not exceeding RON450,000 (USD113,800), excluding VAT, where the house is at least 120 square meters and the plot is not more than 250 square meters.

The upper house had earlier proposed that cultural services be subject to a rate of nine percent.

TAGS: VAT rates | tax | value added tax (VAT) | real-estate | Romania | cultural heritage | education | tax rates | tax reform

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